Non-profit Could Buy Ultimate Electronics Building
The Arc Greater Twin Cities has asked the City of Burnsville to approve its proposed acquisition of the building on Burnhaven Drive, which has been empty since the Ultimate Electronics chain folded in early 2011.
One Twin Cities non-profit has its eye on a Burnsville building that once housed the defunct Ultimate Electronics chain.
The Arc Greater Twin Cities has asked the City of Burnsville to grant "host approval," which would allow the St. Paul Port Authority to issue revenue obligations of up to $2,000,000. The Arc plans to use the money for acquisition and improvements of the building at 14232 Burnhaven Drive. Though the city is not the loaning entity, it nevertheless has some say in the transaction. According to a memo drafted by the city's attorneys, the Interal Revenue Service Code of 1986 requires that private activity bonds sought by tax-exempt organizations must be approved by each governmental unit having jurisdiction over the area in which facility in question is located.
The Ultimate Electronics property has been up for grabs since the Thornton, CO-based chain filed for bankruptcy and abruptly liqudated all 46 of its stores in February of 2011. Six of those stores were in the Twin Cities metro area: Apart from the Burnsville location, Ultimate Electronics also operated stores in Woodbury, Minnetonka, Roseville, Edina, and Maple Grove.
According to Dakota County property records, the total estimated value of the 14,456 square foot commercial property on Burnhaven Drive is $1,868,000.
The Arc is a nationwide non-profit that helps people with intellectual and developmental disabilities and their families. The organizations operates a series of thrift stores across the region. At present, they have shops in Brooklyn Center, New Hope, Richfield and St. Paul.
A public hearing concerning the city's host approval is set for Dec. 4, 2012.