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CITY COUNCIL <br />REGULAR MEETING STAFF REPORT <br />AGENDA ITEM 6D <br />STAFF ORIGINATOR: Michael Grochala, Community Development Director <br />MEETING DATE: January 13, 2025 <br />TOPIC: Consider Resolution No. 25-05, Approving Purchase Agreement <br />with L. & D. Winter 2023 Charitable Remainder Unitrust Property <br />VOTE REQUIRED: Simple Majority <br />INTRODUCTION <br />Staff is requesting City Council consideration to approve a purchase agreement for the <br />acquisition of the L.&D. Winter 2023 Charitable Remainder Unitrust (Winter) property. <br />BACKGROUND <br />The City has been working on the establishment of a wetland bank on approximately 138 acres <br />located east of 35E and north of Main Street, located at 7473 24t" Avenue. The site was <br />identified in the City's Natural Resource Revolving Fund Plan, completed in 2017. <br />Implementation of the plan is included as a key strategy for open space preservation and <br />stewardship in the 2040 Comprehensive Plan. Purchase of the property also provides required <br />right-of-way for the Otter Lake Road extension project and future improvements to 24tn <br />Avenue/Elmcrest. <br />The City has reached agreement with the property owners on a base purchase price of <br />$2,425,000. The City Attorney has prepared a Purchase Agreement for approval and execution <br />by both parties. The terms of the agreement include: <br />• The City will purchase the 138.57 acres in the amount of $2,425,000.00. To this amount <br />will be added interest calculated at 5% APR from December 31, 2024, to the date of <br />closing. <br />• Seller is responsible for payment of all deferred special assessments levied against the <br />property. The City is responsible for interest accrued from December 31, 2024, to the <br />date of closing. <br />