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Mayor Fahey & Members of the City Council <br />July 22, 1999 <br />Page 2 <br />(This date is later than initially proposed due to delays on the part of the developer in <br />securing execution of the lease. This allows us enough time to utilize "quick take" for <br />site assembly if necessary.) <br />♦ We will transfer title to the office /warehouse site by no later than July 1, 2000. The <br />transfer could occur earlier should the developer have leases and/or purchase agreements <br />executed for this space. Our $68,000 payment would then be received at that time. <br />♦ We are providing the developer with $17,500 for costs associated with the demolition of <br />the structures on the Fasciana and Precision Tree property. This amount was based my <br />estimate of those costs given our recent history in this regard. <br />♦ This transaction will reimburse the City for the dollars we have paid to -date in acquiring <br />the proposed development property. <br />This agreement was drafted by Briggs & Morgan. Mr. Biagini is reviewing the final draft and <br />should be prepared to sign it at Wednesday's meeting. Subject to any comments by the City <br />Attorney, I would recommend its approval as presented. <br />PRECISION TREE PROPERTY ACOUISTION: <br />I have still not received the appraisal on this property. Once the appraisal is received, I will be <br />meeting with the owners of Precision Tree to determine their position relative to the sale of their <br />property. The appraisal should be received by July 26t. <br />JRH:kpp <br />cc: Rusty Fifield <br />Dick Biagini <br />Precision Tree <br />Page 43 <br />