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MINUTES <br />CITY COUNCIL <br />JUNE 27, 2007 <br />2825 The City Administrator reviewed his report dated June 22, 2007 <br />COUNTRY relative to the Franklin Drywall property located at 2825 Country <br />DRIVE/ Drive. The Administrator noted that the property is part of the City's <br />FRANKLIN TIF District 2-1. He reported that at the time Franklin Drywall <br />DRYWALL purchased the property in 1993, the City entered into an agreement with <br />Mr. Franklin that requires him to sell the property to the City should we <br />need it for redevelopment purposes. <br />The Administrator indicated that in the past there have been a couple of <br />false starts on the City's acquisition of the property. At the time, Mr. <br />Franklin was interested in getting residential value for this property. The <br />Administrator indicated that at this time Mr. Franklin is asking $150,000 <br />for the property. The residential value of the property is approximately <br />$190,000. The City purchased the property adjacent to the Franklin <br />property approximately six years ago for $135,000. The Administrator <br />reported that the County has the pay 2007 tax valuation for the Franklin <br />property at $141,000. He also indicated that taking Mr. Franklin's <br />purchase amount in 1993 and inflating it by 3% each year brings the value <br />at $140,500. The Administrator recommended that staff be authorized to <br />negotiate a purchase of this property, and if the previous valuation <br />information is used, the City will save the cost of an appraisal. <br />Mr. McGraw introduced the following resolution and moved its adoption: <br />RESOLUTION NO. 2007-6-I54 -AUTHORIZING CITYSTAFF TO <br />NEGOTIATEA PURCHASEAGREEMENT WITH MR. PHIL <br />FRANLIN FOR THE PURCHASE OF 2825 COUNTRYDRIVEAS <br />DISCUSSED THIS EVENING <br />The foregoing resolution was duly seconded by Montour. <br />Ayes (4). <br />Nays (0). Resolution declared adopted. <br />LEAVE OF Mr. McGraw introduced the following resolution and moved its adoption: <br />ABSENCE - <br />KRIS RESOLUTION NO. 2007-6-155-APPROVINGALEAVE OF <br />PECHMAN ABSENCE FOR KRIS PECHMANAS RECOMMENDED BY THE <br /> CITYADMINISTRATOR AND AUTHORIZING LISA KRIEGER TO <br /> WORK ONE ADDITIONAL DAY PER WEEK ONA TEMPORARY <br /> BASIS <br />18 <br />