05-11-88 Council Minutes - Laserfiche WebLink

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MINUTES City Council May 11, 1988 Center•ville fahey also pointed out that AIC Cor~por•ation has indicated that they Road Ar•ea would like a cash sale r•ather~ than ter•ms. This will leave the City (Cont.) appr•oximately $90,000 shor•t if 12 acr•es wer~e pur•chased fr•om AIC Cor•por~ation. Fahey suggested that action on the AIC Cor•por•ation purchase may have to be delayed until next year• in order~ for the City to finalize a pur•chase of Spooner~ Par•k. Blesener agr•eed, however•, suggested that the City purchase 8 acr~es fr•om AIC Cor•poration at this time and delay action on the additional 4 acr~es until next year•. Mrs. Scalze indicated that on page 6, 3rd paragraph of the May lith meeting minutes her statement should be corrected to reflect that the Correction City could ask the Little ~anada Recreation Rssociation to donate Res. no. an additional $90,000 towards the purchase of park property in the IIF3-5-200 Centerville Road area. Butler~ r~eported that AIC Cor~por~ation has some financing that is due in June and suggested that per~haps the City could take title to the 8 acr•es r~ight away and could pur~chase an option on the other~ 4 acr~es. This would allow AIC Cor•por•ation to use the additional 4 acr~es as collateral until such time as the pur•chase if finalized. Fahey suggested that, in effect, the City would have a two-year• contr•act for• the pur•chase of the additional 4 acr~es. Scalze pointed out that when AIC Cor•por•ation begins to develop its r•emaining pr•oper•ty, ther•e will be the City's par•k land dedication or•dinance r•equir•ements to satisfy and AIC may want to tr•ansfer a por•tion of these 4 acr•es to the City in satisfaction of that or•dinance. Butler again nointed out the possibility for• an easement to the nor•ther•n por•tion of the par~k which could be used to satisfy the City's par~k land dedication ordinance. The City Attor~ney r•epor•ted that AIC Cor•por~ation has r~etur•ned the option agr~eement the City submitted to them with a couple of r~evision r•equests. The fir~st is a r~equest for~ deletion of ter•minology r•egar•ding pending and futur•e assessments. Fahey felt the terminology should remain noting that this was required of other sellers in the Centerville Road area. The City Cler~k estimated pending assessments on the pr•oper•ty at $7,000. The City Attor~ney r•eported that the second condition AIC would like included is a r•eversion amendment which indicates that if the pr•oper~ty i s not used for• par~k pur•poses, the pr•operty wi 11 r•ever~t back to the seller who will then r•eimbur~se the City the sale pr~ice. Butler• explained that AIC Corporation would like this pr•ovision to pr•otect themselves if the City decided to sell the pr~oper~ty to another• developer. Page -6-