The development team of Hy-Vee Inc. and Knapp Properties Inc. are the official owners of what is soon to be a former parking lot at 420 Court Ave. where they plan to build a Hy-Vee grocery store and apartments. The sale price for the 2.3 acres was $270,000 in a land deal valued at $3.5 million. The balance between the sale price and value of the land amounts to an in-kind grant to the developers, operating as 420 Court Avenue LLC, under the terms of an economic development agreement with the city.  On tap is a $26 million project to develop a 2.3-acre, city-owned parking lot at the the site into a 35,000-square-foot grocery store that will be topped by 81 apartments and include a one-story parking ramp. The deed was filed today.    To read a previous Insider story about the deal, click here.