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extension. We also must acquire the Uranium Street right-of-way for the Ramsey Business Park <br />project. We are currently working with a couple of development prospects proposed to locate in <br />this area. While these ma>, or may not go forward, we would expect to see at least one project per <br />year in this development area. If Council authorizes this purchase, we still need to complete our <br />negotiations on the Spohn property. However, the ceiling purchase price will have been set. <br /> <br />Finally, Council will recall that in 1991, funding in the amount of $500,000 was set aside for <br />McKinley Street construction. Acquisition costs up to this amount in the industrial park were <br />assumed in the cash flows within the Capital Improvements Program. This purchase would come <br />from that funding source. Future road construction is also in the cash flows and is projected to be <br />necessitated by future TIF industrial projects for any segments occurring prior to 1999. <br /> <br />Council Action: <br /> <br />Motion to authorize the City Attorney to negotiate a purchase agreemenl of up to 38.05 acres from <br />Ramsey 67 Partnership pursuant to the above. <br /> <br />Reviewed by: <br /> <br />CiB, Administrator <br />Finance Officer <br />Cit,v Engineer <br />CiB, Attorney <br /> <br />CC: 11/7/94 <br /> <br />/ocr <br /> <br /> <br />