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CASE <br /> <br />AUTHORIZATION OF PURCHASE AGREEMENT FOR <br />ALLOY RECOVERY PROPERTY <br /> By: James E. Norman, City Administrator <br /> <br />Background: <br /> <br />The City Administrator and the City Attorney have been directed to negotiate a purchase <br />agreement with Alloy Recovery, the property located immediately west of the Public Works <br />facility (map attached to case). The property would be used for economic redevelopment <br />purposes. Staff has reached a purchase price agreement of $200,000. Financing for the project <br />would be done through an internal fund balance loan and would be backed by T~ proceeds once <br />the property is developed. <br /> <br />Recommendation: <br /> <br />Staff recommends that the City Council authorize the purchase agreement drafted by the City <br />Attorney for acquisition of the Alloy Recovery property. (Purchase agreement attached to case). <br /> <br />Council Action: <br /> <br />Motion to authorize the purchase agreement drafted by the City Attorney to acquire the Alloy <br />Recovery property, subject to final draft language review and approval by the City Attorney. <br /> <br />Reviewed by: <br /> <br />City Administrator <br />City Attorney <br />Development Consultant <br /> <br />CC: 10/09/01 <br /> <br />-117- <br /> <br /> <br />