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AGENDA ITEM 4 <br />STAFF ORIGINATOR: Brian Wessel <br />DATE: 3/24/97 <br />TOPIC: Public Hearing on the proposed sale of property in <br />the Apollo Business Park to Lino Lakes Business <br />Center Phases 2,3,4,5 <br />BACKGROUND: <br />Fogerty Investments is purchasing the two remaining parcels (5.5 acres and <br />1.63 acres) in the city -owned portion of the Apollo Business Park. The land is <br />being purchased for $39,000 per acre, plus assessments. A public hearing is <br />required when the city is writing down the cost of city -owned property. <br />OPTIONS: <br />1. Open the public hearing <br />2. Continue the public hearing <br />RECOMMENDATION: <br />Option 1 <br />