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REQUEST FOR COUNCIL CONSIDERATION <br />nV STAFF REPORT <br />AGENDA SESSION DATE October 4, 1993 <br />DismsuION <br />Item Description: Update Regarding Proposed Golf Course <br />Administrator's Review/Recommendation: <br />No comments to supplement this report _ <br />Comments attached.-- <br />F.xplmmtinn'Summary munch sopplvment sheeln na neeesenry.) <br />stlnin)AiM <br />Agenda Section: 2_ <br />Report Number: J_L—NOWS <br />Report Date: 9-30-93 <br />There are several items staff will present on Monday night regarding the <br />proposed golf course; land acquisition, course construction costs/Master <br />Plan and the particulars of the revenue bond sale. A decision on each of <br />the items will bring the City closer to the reality of a municipal golf <br />course in Mounds View. <br />Land Acquisition <br />I have previously outlined the provisions of the purchase, by the City, of <br />Watson's Lots 5,4 and 1/2 of Lot 3 and also Lot 16 in Blaine's North Star <br />rse Task Force's recommendation earlier <br />Industrial Park. It was the Golf Cou <br />this year and the Council's subsequent approval that all of the properties <br />described above were essential to the project and acquisition should be <br />actively pursued. The negotiations have resultedtentative <br />agreements <br />preparing ents <br />(as outlined in last Monday s memorandum). Jim Thomson <br />is purchase agreements for execution subsequent to formal Council approval at <br />the October 11th meeting. The purchase price of the land is $561,108.84. <br />There will be additional costs for partial 1993 taxes in an approximate <br />amount of $3,500. <br />In addition, as per State law, any municipality which purchases land after <br />July 1st of each year and intends that the land will be tax exempt, must <br />pay the following year's taxes (in this case, 1993 taxes, pay 1994). This <br />will add approximately $15,000 to the cost of the land acquisition. That <br />amount will be factored into the bond sale. <br />Acquisition costs will be funded from proceeds of an approximate $3.1 <br />million Revenue Bond. <br />Samantha <br />uvt•ntt tit l?N UA'1 '* <br />n <br />