(KNSI) – St. Cloud is preparing to buy back a piece of property in the I-94 Industrial Park for development.
The city will pay $567,500 to Arctic Cat Inc. for nearly 18 acres of land. The St. Cloud Economic Development Authority sold the lot to Arctic Cat for $894,000 in September 2016. The price included a credit from a previous obligation and $567,500 in cash. In early 2017, Arctic Cat was sold to Textron, and a planned expansion on the site was canceled.
St. Cloud started negotiations with Arctic Cat to buy the property after the project was scrapped. The EDA plans to market the land with St. Cloud Opportunities, Inc. for the sale and development that will add jobs and increase the tax base.
The meeting is Tuesday at 4:00 p.m. in the first-floor conference room in city hall.
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