Ponderosa Business Park Lot Detail
The Ponderosa Business Park includes 6 light industrial lots for sale. All lots are zoned I-1 of the City’s zoning ordinance. Lot prices are established by the City/Port Authority and reflect the direct actual costs of development. These costs are not subsidized by the City nor are there any profits built into these prices.
The purpose of this industrial park is to provide for the immediate construction of light industrial business. State law prohibits cities from selling property to buyers for “land speculation” purposes. Lot purchasers will have 12 months to secure a building permit for the new business. They will have another 12 months to complete construction and secure a “Certificate of Occupancy” for the business.
The City of Redwood Falls began accepting purchase agreements on July 1, 2009. On January 26, 2010, the Port Authority approved a $5,000.00 per lot finder’s fee. Any local realtor, developer or resident who brings an interested party to the City and that referral results in a completed purchase agreement and closing will earn the $5,000.00 finder’s fee on the sale of the lot. Buyers may also purchase lots directly from the City. The lot price includes this finder’s fee regardless of who signs the purchase agreement. Lots are available on a first-come first served basis as determined by the receipt of a purchase agreement.
Each purchase agreement must be accompanied with a non-refundable check made payable to the Redwood Falls Port Authority in the amount of $1,000.00 as earnest money.
Contingencies accepted will be for securing financing. Buyers will have 30 days to satisfy such contingencies from the date of the purchase agreement during which time the lot will remain on the market. Subsequent offers on the same lot will give the original purchase agreement a first right-of refusal with 24 hours to satisfy the contingencies.
All closings will be arranged through the City Attorney.
At the lot purchase closing or contract signing, the buyer must fill out and sign the Minnesota Pollution Control Agency “Permit Modification Form” transferring the lot(s) to the new owner for the responsibility of storm water control during and after construction. The owner may also transfer the site with the same form to the contractor of their choosing at a later date. The lot owner at the time of application for a building permit from the City must also supply a “storm water pollution prevention plan (SWPPP)” for approval.
In the possibility buyers may not be able to complete their construction obligations after lot closing but prior to the commencement of construction due to unforeseen financial circumstances, the City/Port Authority, at its sole option, may offer to re-purchase the lot for the original price net any legal and administrative costs, for subsequent re-sale to another party. In this case, the time restrictions relative to building permit and construction completion begin anew for the buyer. The “buy-back” option is reserved only for “hardship” cases as determined in the sole discretion of the City/Port Authority. The City/Port Authority may waive this “buy-back” allowing the lot owner to sell to a subsequent private party on the same terms and conditions and for the same price provided the new purchaser can satisfy the same requirements.
Changes to Above Terms and Conditions
The City Council and Port Authority reserve the right to change any of the above terms and conditions for any lot without a pending purchase agreement at any time.
Background Lot Information
Infrastructure connections for all lots have been installed including water, sewer and storm water collection.
|Legal Description||Parcel ID#||Lot Size per Acre||Lot Size per Square Foot|
|Block 1, Lot 3||88-671-0140||3.36||146,361.60|
|Block 1, Lot 4||88-671-0160||2.02||87,991.20|
|Block 1, Lot 5||88-671-0180||1.62||70,567.20|
|Block 1, Lot 6||88-671-0200||1.15||50,094.00|