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REQUEST FOR COUNCIL CONSIDERATION Agenda Section: 2. 'VS STAFF REPORT Report Number: 93-630WS AGENDA SESSION DATE October 4, 1993 Report Date: 9-30-93 DISPOSITION Item Description: Update Regarding Proposed Golf Course Administrator's Review/Recommendation: - No comments to supplement this report - Comments attached. Explanation/Summary (attach supplement sheets as necessary.) $UMMARYt There are several items staff will present on Monday night regarding the proposed golf course; land acquisition, course construction costs/Master Plan and the particulars of the revenue bond sale. A decision on each of the items will bring the City closer to the reality of a municipal golf course in Mounds View. Land Acquisition I have previously outlined the provisions of the purchase, by the City, of Watson's Lots 5,4 and 1/2 of Lot 3 and also Lot 16 in Blaine's North Star Industrial Park. It was the Golf Course Task Force's recommendation earlier this year and the Council's subsequent approval that all of the properties described above were essential to the project and acquisition should be actively pursued. The negotiations have resulted in tentative agreements (as outlined in last Monday's memorandum) . Jim Thomson is preparing the purchase agreements for execution subsequent to formal Council approval at the October 11th meeting. The purchase price of the land is $561, 108.84. There will be additional costs for partial 1993 taxes in an approximate amount of $3, 500. in addition,-as-per State law, anymunicipa-1-itywhich-purchases land-after- July 1st of each year and intends that the land will be tax exempt, must pay the following year's taxes (in this case, 1993 taxes, pay 1994) . This will add approximately $15, 000 to the cost of the land acquisition. That amount will be factored into the bond sale. Acquisition costs will be funded from proceeds of an approximate $3.1 million Revenue Bond. Samantha Orduno, City Administrator RECOMMENDATION;�,_ _�i"