RICHFIELD, MN-A plan by the Academy of Holy Angels to sell less than two acres of land on its campus here to a private developer for nearly $6 million has some alumni and city officials scratching their heads.
The proceeds from the sale that is six times the assessed value of the land would help the school repay part of its $10-million debt, according to the Star-Tribune.
However, opposition is mounting against the plan. By late Wednesday more than 300 people had signed a petition against the property sale. The possible development would use 1.7 acres of land on the campus' eastern edge, which is less than 10% of the entire campus. Plans call for low-profile retail space, such as a drugstore, coffee shop, bank, sandwich shop and frozen yogurt store.
School officials will discuss the proposal with the Richfield City Council and the Planning Commission at a study session scheduled for Nov. 26. See story in the Star-Tribune.
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