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515 Little Canada Road, Little Canada, MN 55117-1600 <br />(651) 766-4029 / FAX: (651) 766-4048 <br />www.ci.litt1e-Canada. rn.us <br />MEMORANDUM <br />TO: Mayor 13lesener and Members of the City Council <br />FROM: Joel Hanson, City Administrator <br />DATE: September 4, 2014 <br />RE: Offer to Purchase 3046 Labore Road <br />MAYOR <br />(sill 131esener <br />COUNCIL <br />Rick Montour <br />John Keis <br />Michael McGraw <br />Shelly Boss <br />ADMINISTRATOR <br />Joel R. Hanson <br />Attached is a purchase offer for our property at 3046 Labore Road submitted by Derek <br />Owens, Ph. D. and his wife Kathy. The offer is for$85,000 with $500 refundable earnest <br />money that would tie up the property for 90 days. <br />As you will recall, the realtors we talked to about this property felt an asking price of <br />$120,000 is reasonable. In fact, when we put it for auction about a year ago, the <br />minimum bid was $100,000. <br />I would recommend rejecting this offer given it is well below our asking price and we <br />would tie up the site for 90 days. While it sounds like Dr. Owens and his wife would be <br />great additions to our community, I would recommend patience on our part to ensure we <br />fair value for the site. The Council could also counter offer is you so choose. <br />cc: Derek Owens <br />Bob Pedersen <br />