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• <br />• <br />• <br />an offer, staff followed up with an updated appraisal based on updated <br />information. <br />Council's consideration of this development proposal should be based on <br />consideration of the strength of the opportunity and whether this private <br />development meets economic development and redevelopment objectives. <br />There are several factors the city council can consider for the sale of city and <br />and redevelopment of Lake Drive: <br />• Tax benefits of increased market value <br />• Leveraging additional private investment in the Town Center <br />• Motivated and qualified developer <br />• Opportunities for future realignment of 77th Street <br />The city charter requires that disposal of any city property shall be done by <br />ordinance. <br />RECOMMENDATION: <br />Staff recommends the Approval of the Second Reading of Ordinance 06 -07 <br />offering the sale of property to Anderson Builders and authorizing execution of <br />the Purchase Agreement <br />ATTACHMENTS <br />1. Ordinance 06 -07 <br />2. Purchase Agreement <br />3. Development Plan (Exhibit H) <br />4. Parcel Map <br />