Mitchell development corp. gets land back for future businessThe Mitchell Area Development Corp. may have a customer for a business park located along Interstate 90 west of Cabela’s.
By: Tom Lawrence, The Daily Republic
The Mitchell Area Development Corp. may have a customer for a business park located along Interstate 90 west of Cabela’s.
MADC Executive Director Bryan Hisel said Tuesday that negotiations are ongoing with an undisclosed entity to sell the land for a planned business development. There is a restriction on the land so that it can only be used for a business park or commercial development, he said.
“I’m hopeful we can develop that site and have a transaction on it by the end of the year,” Hisel said. “We have a significant investment there. It’s going to be a business-like transaction.”
The 29 acres was turned over to the MADC by the Mitchell City Council on Monday night. The council transferred Lot 5 of Cabela’s Addition from the city to the MADC on a swift, unanimous vote.
The development group had already owned it at one point. MADC bought the property from Silverado Buda Development, of Utah, in 2008 for $1.74 million, according to Hisel.
Silverado Buda had purchased the land from Cabela’s, he said, and then chose not to develop it. The land was sold to MADC, which immediately transferred it to the city.
“We asked the city to hold onto it,” Hisel said. “We’re a tax-paying entity and the city did not have to pay taxes on it.”
State law allows cities to hold land and then transfer it back for just this purpose, he said.
Hisel said four acres of the property were sold to Farm Credit Services for its facility for $526,000.