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• <br />• <br />• <br />AGENDA ITEM 7C <br />STAFF ORIGINATOR: Michael Grochala <br />DATE: 10/8/01 <br />TOPIC: Consideration of Land Purchase Agreement between <br />JADT Development Group and City of Lino Lakes <br />VOTE REQUIRED: 3/5 <br />BACKGROUND: <br />This agreement between the City of Lino Lakes and JADT Development Group is <br />for the purchase of land on the Marketplace development site. In order to <br />facilitate the easterly extension of Apollo Drive to serve Marketplace, it is the <br />city's intent to purchase the parcel for $4.25/SF. The costs associated with the <br />purchase will be funded by assessments to the benefiting properties and the sale <br />of a remnant piece of property not needed for street construction to Ryan <br />Companies. <br />The city is awaiting a new survey and description, and updated material will be <br />provided in the council packet on Friday. <br />OPTIONS: <br />1. Approve the Purchase Agreement between the City of Lino Lakes and JADT <br />2. Do not approve the Purchase Agreement <br />3. Return to staff for further consideration <br />RECOMMENDATION: <br />Option 1 <br />