HomeMy WebLinkAbout5.B.1. Authorize Signatures for Transfer of Toro Property
s: B. J .
CITY OF SHAKOPEE
Memorandum
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CASE NO.:
N/A
TO:
Mayor and City Council
Mark McNeill, City Administrator
FROM:
Kyle Sobota, Planner I
SUBJECT:
Authorization of signatures to transfer ownership of 4800 Valley
Industrial Boulevard South
MEETING DATE: March 3, 2009
INTRODUCTION
The Toro Company received approval for a minor subdivision in January, 2009 to combine
two properties to allow construction of a nitrogen tank and an over-height fence. The Minor
Subdivision was rejected by Scott County Land Records because the Torrens Certificate of
Title lists the City of Shako pee as owner of one of the properties.
In the early 1980's the Toro Company used Industrial Revenue Bonds to finance
construction of the facility in Shakopee. The property was held by the City of Shakopee and
leased to the Toro Company. In 1995 the payments on the Industrial Revenue Bonds were
completed, but ownership of the property was not transferred to Toro. This situation was
unknown by both city staff and Toro until the Land Records Office contacted the planning
department.
ACTION REQUESTED
Approve a motion authorizing the appropriate parties to proceed with the necessary
signatures to transfer ownership of the property located at 4800 Valley Industrial
Boulevard South from the City of Shakopee to The Toro Company.
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K:yle obota
Planner I
h:\ccI2009\03-03\Toro Deed Memo,doc