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MEMORANDUM <br /> DATE: April 29, 2003 <br /> TO: Mayor and Councilmembers <br /> FROM: Michael Mornson, City Manager <br /> SUBJECT: SROGA PROPERTY <br /> The City had an appraisal done for the Sroga property in January, 2003. The <br /> appraisal indicated the property's worth at $321,000. Mr. Sroga is interested in <br /> selling either to the City or the current tenant. He is asking$550,000. The current <br /> tenant is paying$48,000 a year in lease payments. Mr. Sroga is interested in a <br /> Contract for Deed for the property. <br /> Roger Larson will research possible funding options for purchase of the site. <br /> The question for the Council is, "Are you interested in acquiring the property and <br /> under what terms?". <br />