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Meeting Date: 12/16/93 <br /> Agenda Item: P 3 <br /> CITY OF FALCON HEIGHTS <br /> REQUEST FOR COUNCIL CONSIDERATION <br /> ITEM DESCRIPTION: Action on the proposed purchase agreement for <br /> 2061 West Larpenteur Avenue <br /> SUBMITTED BY: Shaun McElhatton, Real Estate attorney with <br /> Leonard, Street and Deinard <br /> REVIEWED BY: Susan Hoyt, City Administrator <br /> EXPLANATION /SUMMARY: <br /> The city is proceeding with the acquisition of the property at <br /> 2061 West Larpenteur Avenue. The next step in the acquisition <br /> procedure is to sign a purchase agreement with the property <br /> owners, David and Karen Olson. The purchase agreement is for <br /> $114,000, which is the price that the property was appraised at <br /> and the city offered in a letter received by the property owners. <br /> The closing date is contingent on the date that the tenants move <br /> so the city is not in a position of being a landlord. This date <br /> will be no later than March 31, 1994. <br /> Staff recommends that the funds for the purchase of the property <br /> come out of the Community Development Block Grant funds and the <br /> TIF construction fund for improvements in this area. The CDBG <br /> funds must also cover the federally mandated relocation costs <br /> that are part of this project. <br /> At the time the project was approved for CDBG funding, the county <br /> did not have enough money to fund the entire cost. However, at <br /> this time staff is contacting the county to see if there are <br /> unused 1993 CDBG funds that might be available for the project. <br /> ATTACHMENTS: <br /> The purchase agreement will be available prior to the Thursday <br /> meeting. <br /> ACTION REQUESTED: <br /> Authorize the mayor to sign a purchase agreement with the owners <br /> of 2061 West Larpenteur Avenue for $114,000 from the 1993 CDBG <br /> funds and TIf funds as needed. <br /> r222 2;:22:� :::ri:�i:t2 ;2222 #222::::: :::f::2::::::22:' <br />