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(KNSI) – The St. Cloud Economic Development Authority has sold a 15-acre chunk of land to a local developer in its I94 Business Park. The EDA sold the property to Interstate Business Central, owned by Rice Companies in Sauk Rapids, for around $49,000. The deal includes no financial incentives and will put the property on the tax role immediately.

The EDA sold the land at a discount due to its limited use, powerlines that go through the property, and because the project fits the area’s intended use. St. Cloud EDA Director Cathy Mehelich says the company plans to build a large facility on the site.

“Rice Companies and their team have intentions to build, initially an 80,000 square foot but room to build up to 160,000 square foot, industrial warehouse and manufacturing building in that space.”

Right now, it’s designed for multiple tenants, and they’ve secured Gerder Rental Services as one of the users. Rice Companies is looking for more tenants and wants to build as soon as possible. She says St. Cloud’s EDA is having trouble finding existing buildings that fit many companies’ needs and this project will help.

“Having someone willing and ready to build a multi-tenant space that can help us deliver available spaces to expanding companies in St Cloud, and right off of I-94 on one of our most visible lots, is really exciting.”

Mehelich says after this project is completed, the city can look at expanding the I94 Business Park. The EDA approved the deal during a meeting on Tuesday. The deal will close on Thursday.

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