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515 Little Canada Road, Little Canada, MN 55117 -1600 <br />(651) 484 -2177 / FAX: (651) 484 -4538 <br />MEMORANDUM <br />TO: Mayor Fahey & Members of the City Council <br />FROM: Joel Hanson, City Administrator <br />DATE: August 6, 1999 <br />RE: 1033 Letter for Nadeau Property Purchase <br />MAYOR <br />Michael I. Fahey <br />COUNCIL <br />Beverly Scalze <br />Jim LaValle <br />Steve Morelan <br />Bob Pedersen <br />ADMINISTRATOR <br />Joel R. Hanson <br />The Nadeaus have requested we issue a section 1033 letter regarding our purchase of their <br />property for the Country Drive redevelopment project. This letter would indicate that a <br />voluntary sale occurred under the threat of eminent domain. This letter will provide them with <br />preferential treatment under the capital gains laws. Given the fact that this was vacant land and <br />that we had a development needing the site, I feel it is reasonable to issue this letter. <br />If the Council is in agreement with my recommendation, I will draft a letter to forward to the <br />Nadeaus for this purpose. <br />JRH:kpp <br />Page 104 <br />