Laserfiche WebLink
<br />Premium Stop Report <br />February 27, 2006 <br />Page 2 <br /> <br /> <br />Recommendation: <br /> <br />Staff has prepared a resolution for the EDA’s consideration that authorizes an appraisal and <br />Purchase Agreement for the Premium Stop property. Approving the Purchase Agreement <br />does obligate the City to the acquisition of the property so long as all conditions are satisfied. <br /> If the appraised value is less than the asking price, the City may terminate the agreement. If <br />contamination is found on the property that is not remedied by the seller, the City may <br />terminate the agreement. If the underground fuel tanks are not removed by the seller, the <br />City may terminate the agreement. If the property has any third party liens or unresolved <br />leasehold interests, the City may terminate the agreement. For the purposes of this <br />approval, “terminate” shall also mean “renegotiate”. Any changes (renegotiation) however <br />would necessitate Council re-authorization. <br /> <br />Staff recommends approval of EDA Resolution 06-EDA-217, Authorization to Approve a <br />Purchase Agreement and Conduct a Real Estate Appraisal of the Property Located at 2390 <br />County Road 10. <br /> <br /> <br /> <br />Respectfully submitted, <br /> <br /> <br /> <br />________________________ <br />James Ericson <br />Community Development Director <br /> <br />