The city of Des Moines is considering two offers to buy a total of 72 acres for development projects in the sprawling Southeast Agrimergent Technology Park that borders Vandalia Road.

Of immediate concern is the need to find the market value of land that has been prone to stormwater drainage issues. One buyer wants to raise a 42-acre parcel a total of 6 feet to protect pricey and sensitive electrical equipment used to manage power generation, transmission and distribution.

As a result, Electrical Power Products Inc. (EP2) is offering $1,000 an acre for land where it plans a $36 million project that would retain 300 jobs for the 25-year-old Des Moines company.

According to a report to the Des Moines City Council, efforts are underway to determine a fair market value for the property in an area where appraisals vary dramatically.

In 2013, the city sold a little more than 30 acres to Helena Industries for $22,000 an acre.

The cost of the fill dirt needed to elevate the EP2 site is estimated at $3.3 million. EP2 has requested a tax increment financing package on the $18 million first phase of the project, of 50 percent of increased value of the property for 17 years. It would waive TIF revenues on an anticipated second phase. The company wants to start construction on the first phase yet this year, according to the staff report.

The second project before the City Council is from Des Moines Cold Storage, which wants to buy 10 acres near the EP2 site, with an option to buy an additional 20 acres.

Des Moines Water Works, which participated in the purchase of the ag park land from Archer Daniels Midland Co., would receive one-third of the land sales proceeds for both projects.