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AGENDA <br /> PAGE TWO <br /> JULY 10, 1995 <br /> 2975 Highway 10 <br /> I have contacted Norwest Bank regarding the Auto Central site. The foreclosure process <br /> should begin in mid July and take approximately 6 weeks. Then Norwest would hold a <br /> Sheriffs sale on the property upon which the owners will have a 6 month redemption <br /> period to come current on the mortgage. After the 6 month period, Norwest Bank will <br /> have rights to the property and will put it on the market for purchase. Deb Bisek of <br /> Norwest wank was uffamiliar with the legalities of a Right of First Refusal Agreement-but <br /> outlined our options: <br /> o We can currently negotiate with the owners of the property. <br /> o We can purchase the note from the Bank and pursue foreclosure <br /> proceedings ourselves <br /> o We can purchase the note at the Sheriffs sale but would not have full <br /> control of the property until after the 6 month redemption period. <br /> o Purchase from Norwest once the property is on the market. <br /> I am in consultation with Jim Thomson regarding our options and will relay his opinion <br /> at the work session. <br /> K-Gas Site: <br /> I have been in touch with the owner of the K-Gas Site. We had scheduled a meeting last <br /> week but it was canceled due to a conflict on their part. He does not have an appraisal <br /> on the site but will be forwarding me the most recent status on the environmental <br /> cleanup. <br />