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• <br />• <br />• <br />October 20, 1999 <br />at the time of closing which is tentatively scheduled for December 1st. The <br />agreement also permits the current owners to farm the land through 2003. In the <br />event a bond referendum is passed prior to 2003, the city must notify them in writing <br />by April 1st to cease farming operations. <br />As previously indicated, a referendum will need to be conducted for development of <br />the athletic complex. Upon a successful referendum, the internal loan, plus interest, <br />would be repaid. If the referendum is unsuccessful, the city can sell the parcel or <br />retain for future use. <br />OPTIONS: <br />1. Adopt a motion to approve purchase agreements with Mr. Montain and Mr. <br />Molitor to secure 67 acres of land. <br />2. Do not approve purchase agreements <br />RECOMMENDATION: <br />Option 1 <br />10/20/99 <br />RD /Athletic Complex/final green sheet <br />