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� <br />� <br />1 <br />2 <br />3 <br />4 <br />5 <br />6 <br />7 <br />8 <br />9 <br />10 <br />ll <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />l9 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />27 <br />28 <br />29 <br />30 <br />31 <br />32 <br />33 <br />34 <br />35 <br />36 <br />37 <br />38 <br />39 <br />40 <br />41 <br />42 <br />43 <br />EDA Meeting # 18 <br />October 9, 1995 <br />Page 3 <br />{��` � � � <br />� � �� ! <br />{``�!:`'4� � � ��1 `4� ; <br />. � `, ', iJ !'. 1 ..� F _. ._'� i'.�l I� � .i ..-_ <br />Ms. Bennett explained that an appraisal would allow the City to negotiate with the Realtor <br />representing the property in a fair and equitable manner for all parties concerned. It is <br />estimated that the appraisal will not exceed $500. <br />Use of tax increment funds for an appraisal is allowed as it meets the objectives of the <br />EDA's tax increment program to promote development and redevelopment of certain land <br />within the City of Mounds View. <br />MOTION/SECOND: Quick/Hanlcner to approve Resolution No. 95-EDA-33, Approving <br />Expenditure for an Appraisal of Vacant Land on Highway 10. <br />VOTE: 4 ayes 0 nays Motion Carried <br />C. Consideration Authorizin� Staff to Pursue and Re�ulate a Purchase A�;reement for <br />2625 Hi�hwav 10. <br />Cathy Bennett explained that this is a project the city staff has been working on for some <br />time. The resolution approves and authorizes the acquisition of a property for <br />redevelopment purposes and the execution of a purchase agr•eement for that purchase. <br />Ms. Bennett stated she has consulted with the City Attorney, Jim Thomson, to prepare the <br />purchase agreement for the EDA. She noted that there are two options to loolc at. These <br />include: <br />1. Approve the resolution as presented which would allow the staffto execute the <br />purchase agreement; or <br />2. Authorize staff to pursue and negotiate the purchase agreement by making a motion in <br />the minutes and the staff can come back for final approval of the resolution upon final <br />signature and negotiation by the seller. <br />Ms. Bennett stated either of these options allows the staff to pursue the purchase <br />agreement with the seller at a verbal agreed price of $125,000, but option #1 will allow <br />the city to negotiate and not come bacic for final approval. The resolution states that it <br />would be a purchase price of $125,000, however, Ms. Bennett stated she would <br />recommend amending it to add another 3% ofthe $125,000 for closing costs and for <br />studies that will be done on the pi-operty to make sure that there are no environmental <br />concerns that the city could have liability for. <br />MOTION/SECOND; Quicic/Hanlcner to approve Option #l, with the amendment to <br />include an �dditional 3% of the purchase price for closing costs and environmental studies. <br />