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C.K14 V Y tel C4ana <br />515 Little Canada Road, Little Canada, MN 55117 -1600 <br />(651) 766 -4029 / FAX: (651) 766 -4048 <br />www.ci.little- canada.mn. us <br />MEMORANDUM <br />TO: Mayor Fahey & Members of the City Council <br />FROM: Joel Hanson, City Administrator <br />DATE: March 22, 2002 <br />RE: Purchase Agreement for 104 E. Little Canada Road <br />MAYOR <br />Michael 1. Fahey <br />COUNCIL <br />Beverly Scalze <br />Jim LaValle <br />Matt Anderson <br />Rick Montour <br />ADMINISTRATOR <br />Joel R. Hanson <br />Attached is a proposed purchase agreement for the property at 104 E. Little Canada Road. The purchase <br />price is $90,000. By acquiring this property, we can improve the image of this area and possibly create <br />the momentum for some additional redevelopment in the future. (I can not guarantee a redevelopment <br />project at this time.) We will also incur some additional costs associated with the closing and ultimate <br />demolition of this property. <br />The basis for the acquisition at this time is the current owners are preparing to remodel the house and add <br />a new garage structure. (They hope to improve its value and resell it to another party.) The more <br />improvements that are done to this property, the more expensive it will become to acquire it in the future. <br />Therefore, it is my recommendation we acquire this property at this time with the understanding it may sit <br />vacant for an extended period of time. <br />cc: Beth Herzog <br />