State Bonding Bill Allows Land Sale By Park Board, Requires Split Of Proceeds
The recently passed state bonding bill (House File 3, the Omnibus Capital Investment Bill) provides the following with respect to allowing the Park Board to sell the piece of land that the former Fuji-Ya restaurant sits on. The text of the House Research Bill Summary is below and at this link. Full text of the bill with Fuji Ya section 48 at line 41.12.
"Sale of Fuji Ya property; reuse of proceeds. Permits the Minneapolis Park and Recreation Board to sell a state bond-financed property, known as the Fuji Ya site, originally acquired as part of the Great River Road project, and use the proceeds of the sale for another project on the site and nearby. If the Park Board enters into an agreement with the commissioner of finance, the Park Board may use $750,000 of the net proceeds of the sale to prepay a 99-year lease for a parking facility with at least 85 parking stalls. It then evenly divides the remaining net proceeds between the state and the Park Board, directing the Park Board to use the money on capital improvements included in the "Above the Falls" master plan. Requires the state to get at least $544,000. Requires the Park Board to use at least $25,000 for predesign and design of the East Phillips Cultural and Community Center."