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E_ --.-�-, � _ _. : _ -- <br />. . �..�:x-� - � =y--- - --- � •- -- <br />�: �-- '� _.� ` -�. <br />MOUNDS VIEW ECONOMIC DEVELOPMENT AUTHORITY <br />REQUEST FOR EDA CONSIDERATION <br />C'j'_A�'F' RFP�j?T <br />April 22, 1996 <br />EDA MEETING DATE <br />EDA Action: <br />❑ Special Order oE Business Agenda Section: �.A <br />❑ Pubiic Hearings Report Number:ED — — <br />❑ Consent A�enda Report Date: <br />� EDA Business <br />rr�n� D�s�r����o«: Consideration of Resolution No. 96-EDA45 Approving and Authorizing a <br />p��r�hacP c�nrinn with Tanv and Dolores lambor for the Bel-Rae Ballroom Land and <br />E.eecutive Director's Review/Recommendation: BUIICI117g. <br />- No comments to supplement tliis report <br />- Coniiuents altacliccl <br />Explaiiation/Summary �auach supplemeut shcets �s necessary) <br />S UNf1�tARX: <br />Attached is a draft purchase option in the amount of $10,000 for the exclusive right to <br />purchase the Bel-Rae Ballroom Land and Building from Tony and Dolores ]ambor. The <br />option expires on ]uly 31, 1996. the City can exercise the option with closure on the <br />property at the end of the term for an amount of $740,0000 or no action can be taken <br />and the Seller retains the option amount of $10,000 and the prapertye <br />The key points of the option are as follows: <br />♦ <br />� <br />� <br />♦ <br />♦ <br />A[lows the EDA to enter into an exclusive option to purchase the property on or <br />before ]uly 31, 1996. <br />Allows for the option to be null and void if contaminates are found on the property <br />(it is likely that we would exclude asbestos since all parties are aware that there <br />might be asbestos tile flooring). <br />Agreement would include all inventory in the buildinge <br />Requires the seller to prov►de three year operating statements and other building <br />documents for the property and alfows the EDA access to books, records and <br />agreements concerning the property. <br />♦ Allows for the EDA to have access to the property for inspections and other <br />preliminary investigative work. <br />♦ Allows for the EDA to close on the property upon exerc►sing the option or a later <br />date within 30 days if the Seller agrees. <br />I �%`. �..� ! �) .�.�" �. <br />C2thy Be�inett, Economic Development Coordinator\ <br />RECONIME�DATION: EDA Executive Director <br />Approve/Deny Resolutioi� No. 96-EDA45 Approving and Authorizing an Option Agreement with Tony <br />and Dolores Jambor for the Bel-Rae Ballroom Land and Building. <br />