420 Lake Street, Lake Park, MN 56554 - Becker County

COMMERCIAL/DEVELOPMENT AUCTION

Former Lake Park Public School - Lake Park, MN

Thursday, September 10, 2020 5:00 p.m.

Auction Location: On Site: 420 Lake St. - Lake Park, MN

Auction Note: Property has been idle since Lake Park built a new school on west side of Lake Park. Property includes 9 City lots to the north of School Building as well as 6 lots lying east of building. Classroom portion of structure consists of two levels and were utilized as classrooms, theatre, offices and shop. School/classroom portion constructed in the early 1960s with the gym and lockers etc. being built in early 1980s. Structurally very well built with tremendous potential for re-development. Presently Zoned R-1 -Single Family Residential. Re-zoning will allow for many additional possibilities. Shop and gym could be put to use very quickly with excellent income potential with endless possibilities and business opportunities. Let your imagination and entrepreneur spirit guide you to the variety of potential uses this building and property could provide.

Contact: Terry Skjerseth at 701.261.1144 or Pifers Auction & Realty at 877.700.4099 for more information.

PROPERTY NOTE: RE: Tax Incremental Finance info.

Previously, there was a TIF (Tax Incremental Finance) District set up for a planned Multi-family housing project. The TIF is at $600,000. The TIF dollars can be divided between the 3 parcels if purchased by separate buyers based on % of total purchase price if separate buyers. The TIF District is still set up with Becker County. Previously Planned project was for a Proposed Senior Living Center and much preliminary work was completed on this plan including Prospective Appraisal and Housing Assessment for the Lake Park, MN area. Owners have advised that these reports will be available for review by the registered bidders at Auction. Pifers does not represent the continued availability of the TIF District and future buyer may need to visit with City of Lake Park as well as Becker County. All discussions with county and City of Lake Park indicate that continuance of TIF District will not be an issue with new owner.

Auction Note: See terms and conditions of auction (back page-catalog). Auction will be an Absolute Auction once the minimum has been met as stated below:

Minimum Acceptable Bids:

Parcel One: $25,000

Parcel Two: $21,000

Parcel Three: $18,000

Includes Parcels 1-3 (City of Lake Park) Property Data:

Land & Building: 3.56 +/- Acres

Building: 32,670 sq. ft

Taxes (2020): $588.00 **

Tax Parcel: # 51.0171.000

** New tax parcel numbers will be set up after auction if sale is to separate buyers.

Parcel 1:

Old Lake Park school, gym and lots to the east of school as described herein. School is described and located on Lots 1-12 of Blk. 46 of Canfields First Addition. Also included on north side of school is vacated portion of Liberty St. that will be included with Parcel One.

See Attached Plat of Canfields First Addition. Lot size is approx. 150 x 50'. See Property Note herein for additional information:

Parcel 2: Lying NE of school building and adjacent to 5th St. which runs N & S . Parcel includes Lots 2-6 (5 City lots) described as Lots 2-6 of Blk. 46, Canfields First Addition. Lots are 50 x 150.

Parcel Three 3: Lying directly north of school gym and adjacent to 6th St. which runs N & S. Parcel includes 4 lots described as Lots 7-10 of Canfields First Addition. Lot size is approx. 50 x 168.