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M1NU'I'iCS <br />CITY COUNCIL <br />JANUARY 12, 2005 <br />The Administrata~ pointed out that the 5.25% interest is approximately I% <br />more than the City could earn on its money via other investment options. <br />If the purchase agreement is approved, the closing ai the prope~~ty would <br />occur tomorrow. <br />Blesener noted that this had been a problem property for the neighborhood <br />and the City. ',There were numerous code violations and police calls to this <br />address. The City purchased and rehabbed the property and offered it for <br />sale. <br />Montour reconvnended that a provision be added to the purchase <br />agreement and contract for deed documents that there will be no rental of <br />this property during the term of the contract for deed. The City <br />Administrator indicated that the purchaser has indicated he has uo <br />intentions of renting out the house. <br />Mr. LaVahe introduced the following resolution and moved its adoption: <br />RESOI UTION NO. 2005-1-20 -APPROVING 77~7F. PURCHASE <br />AGREEMENT AND RELATED DOCDAIENT.S FOR 594 CDUNTI' <br />ROAD 73-2 AS SUBMITTED BY TIME CITI' ADMINISTRATOR <br />ADDING A PROVLSION THAT THERE BE NO RIsNT AI OF THE <br />PROPERT ]' ll UIUNG THE TERM OF T HE CONTRACT FOR DEED <br />AND AU7FIOI2I7,ING THE MAI'OR AND CITI'ADMINISTRATOR <br />TO EXECUTE THE APPROPRIATE DOCIIi1~ENT.S ON 13EHA7 F OF <br />THE CITI' <br />The foregoing resolution was duly seconded by Montour. <br />Ayes (5) LaVahe, Montom~, Allan, Keis, Blesener. <br />Nays (0). Resolution declared adopted. <br />CIIt1R1TABL,1, The City Administrator noted the letter received from 7bm Barrett, <br />GANL6LING Executive Director of the Gambling Control Board, on the issue of <br />expense compliance versus profitability. The Administrator indicated that <br />the Gambling Control Board supports some changes, but a primary focus <br />will be on rent levels being charged for bingo operations. The <br />Administrator noted that this will not resolve the problem on its own in <br />Little Canada's case. <br />LaVahe noted that the issue involves the allowable percentage of expenses <br />to gross receipts, and he did not see the State changing that percentage at <br />this time. LaVahe suggested that a copy of Barren's letter be forwarded to <br />Representative Scalze. <br />10 <br />