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c44 9W/4 cam <br />515 Little Canada Road, Little Canada, MN 55117 -1600 <br />(651) 484 -2177 / FAX: (651) 484 -4538 <br />Email: cityhall @ci.little - canada.mn.us <br />MEMORANDUM <br />TO: Mayor Fahey and Members of the City Council <br />FROM: Joel R. Hanson, City Administrator <br />DATE: December 15, 2000 <br />RE: Precision Tree Land Purchase <br />MAYOR <br />Michael 1. Fahey <br />COUNCIL <br />Beverly Scalze <br />Jim LaValle <br />Steve Mercian <br />Bob Pedersen <br />ADMINISTRATOR <br />Joel R. Hanson <br />As you know, Precision Tree has been working with the owner of the property at the intersection <br />of Spruce Street and South Owasso Blvd, regarding their purchase of the property which would <br />then serve as a new location for their company. The Council has authorized the issuance of a <br />1033 Exchange Letter to the current owners in return for their selling price of $1.50 per square <br />foot to Precision Tree. The issuance of this letter is subject to Precision Tree constructing a <br />building that meets our I -P Zoning criteria. <br />Precision Tree is not yet prepared to obtain a building permit as they arc still evaluating various <br />construction options. However, they are concerned they will lose the opportunity to buy this <br />property if they don't act soon. To address this issue, I propose we enter into an agreement with <br />Precision Tree outlined as follows: <br />➢ Precision Tree will have one year from the date of our agreement to construct a building on <br />the site that meets I -P Zoning criteria. <br />➢ Precision Tree will work with the City to maximize development on the site subject to <br />Precision's needs taking top priority. (R. J. Marco, Inc. has presented a development option <br />to Precision Tree that may meet their needs while providing for other development on the <br />site. More evaluation is needed to determine if this is a feasible alternative.) <br />➢ The City will continue to work with Precision Tree to find other suitable relocation options. <br />➢ If Precision Tree does not construct a new building on this site within one year, they will sell <br />the property to the City based on $1.50 per square foot purchase price. (This site is 2.62 <br />acres in size so the estimated cost will be approximately $171,000.) <br />Page 48 <br />