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Item No: 08C <br /> M0 NDS VI EW Meeting Date: July 20 <br /> Type of Business: Council Business <br /> Administrator review: <br /> City of Mounds View Staff Report <br /> To: Honorable Mayor and City Council <br /> From: Brian Beeman, Assistant City Administrator & Nyle Zikmund, <br /> City Administrator <br /> Item Title/Subject: Resolution 10134, Approving an Option Agreement and <br /> Authorizing the Purchase of Real Property <br /> Introduction: <br /> On April 29, 2024 a Letter of Intent was signed by the City and Jeffery & Kerri Malmgren <br /> outlining the intent of the City to purchase four lots potentially needed for the proposed <br /> wetland banking project near Ardan Park. The City is still waiting for certain entities to <br /> complete their report on the wetland banking project, causing further delays. <br /> Consequently, the LOI expires at the end of July 2025. As a result, Kennedy & Graven <br /> has prepared an Option Agreement to solidify the potential land purchase further. <br /> Discussion: <br /> The City Council should review and discuss the Option Agreement. The Resolution also <br /> authorized staff and Kennedy & Graven to make any necessary adjustments to the <br /> Options Agreement should the owners decide to alter any of the terms such as the down <br /> payment etc. <br /> Recommendation: <br /> Staff recommends approving Resolution 10134, a Resolution Approving an Option <br /> Agreement and Authorizing the Purchase of Real Property by motion. <br /> Respectfully submitted, <br /> 9Y&4'11t1- <br /> Brian Beeman <br /> Assistant City Administrator <br /> Attachment(s): <br /> 1) Resolution 10134, A Resolution Approving an Option Agreement and Authorizing <br /> the Purchase of Real Property <br /> 2) Option Agreement for Ardan Wetland Banking Matter <br />