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MAYOR <br />Michael 1. Fahey <br />COUNCIL <br />Beverly Scalze <br />Jim LaValle <br />Matt Anderson <br />Rick Montour <br />515 Little Canada Road, Little Canada, MN 55117 -1600 ADMINISTRATOR <br />(651) 766 -4029 / FAX: (651) 766 -4048 Joel R. Hanson <br />Email: cityhall@ci.little-canada.mn.us <br />MEMORANDUM <br />TO: Mayor & Members of the City Council <br />FROM: Joel Hanson, City Administrator <br />DATE: April 5, 2001 <br />RE: CommonBond Purchase Agreement <br />Attached is the proposed Purchase Agreement with CommonBond Communities to facilitate the <br />expansion of the Garden Terrace Apartments. This Agreement is necessary to provide site <br />control for CommonBond Communities in order that they may pursue HUD 202 funding for the <br />addition. The status of the application will not be known until the fall of this year. If successful, <br />the expansion will be between 34 and 36 units and include substantial improvements to the <br />commons area for the complex. Construction will not commence until 2003. The purchase price <br />is 370,000, but the City will incur between 340,000 - 350,000 of costs to relocate the sanitary <br />sewer line that transverses the property. <br />Minor modifications to this Agreement may still be made by the attorney for CommonBond as <br />well as the City Attorney. However, key concepts of this Agreement are acceptable to <br />CommonBond Communities. Staff recommends approval subject to comments by the City <br />Attorney. Please note that we have not accepted the deed from Market Place as of yet due to the <br />release of two liens. This is being resolved and our approval should be subject to same. <br />HaKrisP \CORRESP \Kris' 2001 \Common [3ond.doc <br />Page 23 <br />