04-13-88 Council Minutes - Laserfiche WebLink

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MINUTES City Council April 13, 1988 Spooner• The City Attor•ney r~epor~ted that he has r•eviewed the lease agreement Par•k between the City and School Distr•ict for• the Spooner~ Par•k pr•oper~ty. Lease The date of the agr~eement is August 28, 1975 and the agr•eement has a Agr•eement 15 year~ ter•m with a 10 year~ renewal option. The lease r•estr~icts the pr~oper•ty to par•k use. Ther•e ar•e also two ter~mination pr~ovisions in Age~-~da the agr•eement. The fi r•st al l ows the School Di str~i ct to ter•mi nate the Addition lease should the Distr~ict need the pr•oper•ty for• school purposes. The second allows the ter•mination of the lease should the School District deem it necessar•y to sell the pr•oper•ty. The School Distr•ict is r•equired to give the City 90 days notice and the City has the first r•ight of r~efusal on the property. The Attorney stated that without notice, the City has an enfor~ceable 25-year• ter•m for~ Spooner• Par~k. Blesener• pointed out that any 90-day notice fr~om the School Distr•ict of thei r~ i ntent to sel l the pr•oper•ty woul d have to be i n wr•i ti ng. The City Attor•ney agr•eed that the City could take that position. The City Attor•ney stated that the City can amend its pur•chase agr•eement for• Spooner• Par~k by just changing the amount of money offer•ed to the School Distr•ict. Fahey suggested that the City offer~ the School Distr•ict a cash pur~chase r•ather• than ter•ms. Mr~s. Scalze intr~oduced the following r•esolution and moved its adoption: RESOLUTION N0. 88-4-136 - AMENDIPIG THE SPOONEP, PARK PURCHASE AGREEMENT TO INDICATE A PURCHASE PRICE OF $435,Q00 WITH TERMS OF THE PURCHASE PAYMENT TO liE CASH AND WITH NO CONTINGENCIES IN THE PURCHASE AGREEMENT TYING TNE PURCHASE TO ANY OTHER PROPERTY The for•egoing resolution was duly seconded by Mr~. Fahey. Ayes (5) Fahey, Scalze, Collova, Blesener~, LaValle. Nays (0). Resolution declar~ed adopted. This r•esolution appear~s in Resolution Book No. 19, Page 140. Dave The City Attor•ney submitted to the Council a signed option agr•eement Frattalone for• the pur•chase of the Dave Frattalone pr~oper•ty in the Center~ville Option Road ar•ea. Mr~. Fr•attalone has added an addendum to the option agr•eement Agr~eement r•egar~ding his obliqation to r~emove liens and encumbr~ances pr•ior• to closing on the pr•oper•ty. These liens and encumbr~ances may not be Agenda r•emoved pr•i or• to cl osi ng but wi 11 be pr•i or~ to payment for• the pr•operty. Item No. 13 The Attor•ney r•epor~ted that the purchase pr•ice for• the proper•ty is $24,200 per~ acr~e. The ter~ms ar•e that $100,000 will be paid at the time of closing, $100,000 at the fir~st anniver•sar•y of closing and the r•emainder• at the second anniver~sar~y of closing. Page -17-