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CC Regular Session <br />Date: 12/14/2010 <br />By: Amy Died <br />Administrative Services <br />Title: <br />Approve Settlement Agreement with Rick Foster and Rivers Bend Holdings, LLC for the Acquisition of <br />Right -of -Way for Trails Adjacent to Highway 47 and Right -of- Access from Highway 47 for the Property Legally <br />Described as: <br />Outlots A, B, C, D, and E, River's Bend 3rd Addition, Except Those Parts Platted as Ramsey Office Park and <br />Holiday Acres <br />Background: <br />Council has been negotiating a property acquisition agreement with Rivers Bend Holdings, LLC and its principal <br />Rick Foster. The acquisition is for the purpose of trail right -of way and right -of- access from Highway 47 as <br />described above. Staff will recommend that the Acquisition /Settlement Agreement be discussed in closed session <br />and if a final agreement is reached Staff will be prepared to present the Agreement for final approval at the open <br />Council meeting. <br />Recommendation: <br />Approve the proposed Settlement Agreement. <br />Council Action: <br />Based on Council discussion. <br />Information <br />Funding Source: <br />Funding for the acquisition of the access rights and easements is recommended to come from the Public <br />Improvement Revolving Fund. <br />Form Review <br />Inbox Reviewed By Date <br />Kurt Ulrich Kurt Ulrich 12/09/2010 04:31 PM <br />Form Started By: Amy Dietl Started On: 12/09/2010 12:51 PM <br />Final Approval Date: 12/09/2010 <br />Item #: 7. 7. <br />