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MAYOR <br />Michael L Fahey <br />COUNCIL <br />Beverly Scalze <br />Jim LaVaile <br />Steve Morelan <br />Bob Pedersen <br />515 Little Canada Road, Little Canada, MN 55117-1600 ADMINISTRATOR <br />(651) 484 -2177 / FAX: (651) 484 -4538 Joel R. Hanson <br />Email: cityhall @cl little - canada.mn.us <br />MEMORANDUM <br />TO: Mayor Fahey & Members of the City Council <br />FROM: Joel Hanson, City Administrator <br />DATE: September 22, 2000 <br />RE: Quirin Purchase Agreement <br />Attached you will find a purchase agreement executed by Mr. Quirin for the sale of his property <br />along County Drive. (See section map attached for location of property.) This property was <br />appraised by Bettendorf Rohrer Knoche Wall, Inc. on November 11, 1996. The price generated <br />by that report was $10,000. I had proposed the purchase price in this agreement at $32,256 <br />based on the following factors: <br />• $32,256 is based on $2.56 a square foot for the land. That is the price we paid for <br />other parcels in that area. <br />♦ Mr. Quirin purchased this land in 1979 at a cost of $11,000. <br />• Mr. Quirin has also paid special assessments associated with a water main project and <br />the reconstruction of Country Drive totaling $4,746.04 (without interest). <br />• Mr. Quirin has $5,997.11 of deferred special assessments against this parcel which <br />will be paid to the City upon sale. <br />♦ If you adjust the $11,000 purchase price paid in 1979 by the CPI, that amount would <br />have increased to approximately $28,000 today. When you add the deferred <br />assessments to that amount, you would have a total exceeding $33,900. <br />• Mr. Quirin had indicated an asking price of $36,000 when he executed the Voluntary <br />Offer to Sell Real Estate on October 8, 1996. <br />One could definitely argue that this land is not worth $2.56 per square foot given the topography <br />that exists. However, smaller parcels are typically valued at a higher cost per square foot than <br />larger tracts. Given all of these factors, I think the proposed purchase price is reasonable and I <br />would recommend approval of the purchase agreement as proposed. <br />cc: Bill Quirin <br />\\CLCSRV0141OME \KrisP \PARKS \Quirin Purchase Agreement Memo.doc <br />Page 76 <br />