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CASE #/& <br /> <br /> OPT]!ONI AGREEMENT FOR PURCHASE OF PROPERTY AT THE <br /> ~ ~ iINTERSECTION OF COUNTY ROAD #116 AND <br /> , i SUNFISH LAKE BOULEVARD N.W. <br /> i By: Ryan R. Schroeder, City Administrator <br /> <br />Background~ ~ <br /> <br />In August 1~991, ils an alternative to construction of the McKinley Street N.W. extension, I <br />suggested pU~;uin; other land purchases as opposed to that extension. At that time it was <br />proposed th~¢the McKinley Street N.W. extension, estimated cost of $460,000, was the <br />equivalent o~ $~ 21 per square foot purchase price for the 208,000 square foot right-of-way. <br /> <br />Council alsr/~thr <br />contracted wft~ R° <br />Lake Bouleq~d N <br />1991 in the <br />of this and idit~ate <br />concept, to t~ Ci' <br />directed his at{om <br />option a~eeffi~nt: <br />as a part Of tt~i~ ca <br /> <br />Council ACtiOn:' <br />Based upon dii~cus: <br /> <br />Review <br /> <br />rized acquisition of an appraisal of land in the vicinity. Consequently, Staff <br />~ert Mausser for an appraisal of the land at the northeast intersection of Sunfish <br />W. and County Road #116. The appraisal was completed on September 30, <br />of $268,000 which is 18¢ per square foot. We informed the property owner <br />discussions relative to a possible purchase. Recently the owner has agreed, in <br />optioning the property for two one-year terms at the appraised value and has <br />y to prepare an option agreement. We do not expect to receive a copy of this <br />ntil Tuesday, January 28, 1992. Precedent to this, however, we are providing <br />~, a copy of the appraisal for your consideration. <br /> <br />;ion. <br /> <br /> CheCkliSt: <br /> : <br />City Administrator <br />City Engineer '~ <br />Finance Office¢ <br /> <br />CC: 01/28/92 <br /> <br /> <br />