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tale <br />anada <br />5151.ittle Canada Road, Little Canada, MN 551174600 <br />(651) 766-4029 / FAX: (651) 766-4048 <br />www.ctlittle-canada.mn.us <br />MEMORANDUM <br />TO: Mayor Blesener and Members of the City Council <br />FROM: Joel Hanson, City Administrator <br />DATE: October 17, 2014 <br />RE: Purchase Agreement for 3046 Lahore Road <br />MAYOR <br />13i11 13lesener <br />COUNCIL <br />Rick Montour <br />John Reis <br />Michael McGraw <br />Shelly Boss <br />ADMINISTRATOR <br />Joel R. Hanson <br />Pursuant to the Council's direction at the closed session held at our last meeting, staff <br />submitted a counter offer to Derek Owens and Kathleen Mahan for their purchase of 3046 <br />Labore Road. As you will recall, they submitted a second offer of $100,000. We countered at <br />$112,500 and they accepted. The purchase agreement to consummate this sale is attached for <br />your review. It meets the parameters set for the sale of the property with the exception that we <br />allowed until 12/31/15 for completion of the new home. The goal is to close on the sale by <br />November 14t1i. <br />The transaction works out well for us in that we will have a new home constructed on the <br />property. We have also more than covered our costs of acquisition/demolition (just under <br />$90,000). <br />Staff recommends approval of the purchase agreement as presented. 1 also want to thank our <br />realtor, Bob Pedersen, for his assistance in this transaction. <br />Ce: Bob Pedersen <br />1 <br />