City Approves Purchase Agreement with Bike Tool Company

The Oakdale City Council — acting as the Housing and Redevlopment Authority — approved a purchase agreement with Park Tool Tuesday night for 23 acres of land.

Park Tool, a bicycle tool manufacturer, approached the city this spring with the intent to purchase the former Oakdale Golf and Tennis site for its new company headquarters. The company looked at relocating to Oakdale after it was unable to expand Park Tool's headquarters in its current location in Mahtomedi. The Oakdale site is located along Hadley Avenue north of 50th Street.

After a couple of months of negotiating, the HRA — which is made up of city councilmembers — unanimously approved the purchase agreement. 

"This helps put Oakdale on the map," said Mayor Carmen Sarrack. "This is a nationally, world-wide known company and all of a sudden their headquarters is in Oakdale. That's important." 

Park Tool is purchasing 23 acres of land — which the city acquired through tax forfeiture — for $900,000. Eight of the 23 acres of land is buildable property while 15 acres of the land is wetlands. City staff estimates that Park Tool could pay up to $25,000 annually in city taxes. 

The two parties will close on the agreement by Sept. 1. 

"This is really the kind of business I saw in that parcel with its low traffic and good paying jobs," said Councilman Kent Dotas. 

Park Tool will present its site plan to the city counil during its worksession before the city council meeting on July 24. 

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