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LAKE ELMO CITY COUNCIL MINUTES <br />MAY 15, 2012 <br />Page 7 of 7 <br /> <br />on the principal funds calculated by the LIBOR rate on the date of purchase. Mayor Johnston seconded the <br />motion. The motion passed 4-1. Council Member Smith: Nay <br />The meeting adjourned at 9:06 p.m. to Closed Session per MN State Statute 13D.05 to discuss the potential <br />purchase of real estate located at 3537 Lake Elmo Avenue. <br /> <br />Present at the closed session were Mayor Johnston, Council Members Emmons, Smith, Pearson and Park, <br />City Attorney Snyder, Finance Director Bendel, City Clerk Thone and City Administrator Zuleger. <br /> <br />The closed session adjourned and the open session resumed at 9:28 p.m. <br /> <br />Mayor Johnston reported the direction from city council was for City Administrator Zuleger to continue to work <br />with the realtor on the purchase of 3537 Lake Elmo Avenue and provided specifics on terms and purchase <br />price. <br /> <br />The meeting adjourned at 9:30 p.m. <br /> <br />Respectfully submitted by Sandie Thone, City Clerk