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<br />cl. <br /> <br />- <br /> <br />CITY COUNCIL WORK SESSION <br />Topic Report: Rick F()ster Purchase Agreement <br />and Property Sale <br /> <br />J <br />1 /1 <br />,1// <br />.~sEY <br /> <br />By: Kurt Ulrich, City Administrator <br /> <br />Background: <br /> <br />In February 2006, the City approved a purchase agreement with River's Bend Holdings <br />LLC (Rick Foster). Under this agreement, the City would sell property adjacent to <br />River's Bend Park for $50,000, and receive access rights and a trail easement across land <br />owned by the purchaser adjacent to Highway #47. . <br /> <br />At the request of River's Bend Holdings, LLC, City staff is seeking Council consensus to <br />proceed with subdivision of this property and sale in accordance with the purchase <br />agreement. The City Attorney has advised that the City has an obligation to fulfill the <br />sale of the property, ~ven though the original sale date has lapsed. <br /> <br />It is the developer's intent to develop housing in accordance with the multi..family zoning <br />of the property. In the alternative, the City may want to consider "buying out" the <br />contract at a negotiated price considering that that property is contiguous to an existing <br />park and an established single..family neighborhood. <br /> <br />Action Statement: <br /> <br />Based upon 'discussion. <br /> <br />City Administrator <br /> <br /> <br />Reviewed by: <br /> <br />CCWS: <br /> <br />Attachments: <br />Email from Patrick Trudgeon to Rick Foster re Purchase Agreement <br />DevelopmentlPurchase Agreement dated February 28, 2006 <br />Land Description <br />Map of River's Bend Current Configuration <br />Map of 'Approximate' Foster Purchase Agreement Land <br /> <br />-5- <br />