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I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br /> <br /> CASE # <br /> <br /> AUTHORIZATION OF PURCHASE AGREEMENT FOR <br /> WASTE MANAGEMENT PROPERTY <br /> By: James E. Norman, City Administrator <br /> <br />Background: <br /> <br />As the City Council is aware, staff and the City Attorney were authorized to negotiate a purchase <br />agreement with Waste Management for the property south of the Anoka-Ramsey Landfill (map <br />attached to case). The City has agreed to pay Waste Management for the 44.6-acre site a <br />purchase price of $1,657,925. The property will be utilized primarily for industrial development <br />purposes. The City has recently received a letter of intent by a company currently located in <br />Brooklyn Center to build a 185,000 square foot industrial facility in the northwest portion of the <br />new industrial site. Financing for the industrial property will be obtained through a Tax <br />Increment Financing Revenue Bond. <br /> <br />Recommendation: <br /> <br />Staff recommends that the City Council authorize the purchase agreement drafted by the City <br />Attorney to acquire the industrial property from Waste Management. (Purchase Agreement <br />attached to case.) <br /> <br />Council Action: <br /> <br />Motion to authorize the purchase agreement drafted by the City Attorney to acquire the industrial <br />property from Waste Management, subject to final draft language review and approval by the <br />City Attorney. <br /> <br />Reviewed by: <br /> <br />City Administrator <br />City Attorney <br />Development Consultant <br /> <br />CC: 10/09/01 <br /> <br />-~29- <br /> <br /> <br />