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'4/ et , , 9W4. `VG :Y'CLGk <br />515 Little Canada Road, Little Canada, MN 55117 -1600 <br />(612) 484 -2177 / FAX: (612) 484 -4538 <br />MEMORANDUM <br />TO: Mayor Fahey & Members of the City Council <br />FROM: Joel Hanson, City Administrator <br />DATE: January 23, 1998 <br />RE: Revised Purchase Agreement for 56 W. Little Canada Road <br />MAYOR <br />Michael I. Fahey <br />COUNCIL <br />Beverly Scalze <br />Jim LaValle <br />Steve Morel= <br />Bob Pedersen <br />ADMINISTRATOR <br />Joel R. Hanson <br />Please find enclosed a revised purchase agreement for 56 W. Little Canada Road. This revision <br />is made necessary because the agreement we signed Last summer provided for closing prior to <br />July 1, 1997. Due to some title issues, closing was not able to take place within that time period <br />thereby raising the issue of property taxes for 1998. (We needed ownership by July 1st to be <br />exempt from taxes in 1998.) The key change made in this agreement is that the seller will be <br />responsible for all real estate taxes payable in 1998. The rent figure has been adjusted down to <br />account for the fact. It is also anticipated that the current owners will rent the property for a few <br />months after closing. No other changes of substance were made. <br />Based on this information, it is my recommendation that the Council approve the revised <br />purchase agreement as presented and authorize the Mayor and me to execute it on behalf of the <br />City. <br />JRH:kpv <br />Enclosure <br />Page 67 <br />