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1� <br /> i <br /> MEMORANDUM <br /> Date: November 15, 1996 <br /> To: Mayor and Councilmembers <br /> From: Mike Mornson, City Manager <br /> Re: SAV II Liquor Store <br /> • Please find enclosed a counter proposal from First Bank for the SAV II Liquor Store based on <br /> new construction costs estimated at$542,000. This is down from the previous bid of$631,000. <br /> First Bank would like to City to inject another $75,000 and First Bank will inject another <br /> $100,000 plus they want an annual percentage rent from the City's gross sale. <br /> First Bank will invest$267,000 and the City $275,000. Mike Larson and myself will meet with <br /> First Bank next week to review this proposal. Let me know what you think about the changes <br /> by First Bank. <br /> • <br />