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Acquisition of Lot ~i; BlOCk ii'RiVer's Bend Plaza 2nd Addition <br /> Forr~er Amo¢o!Statlon (Highway 47) <br /> <br /> By: William.Goodrich, City Attorney <br /> Scan Sullivani EconOmic DeVelopment / TIF Specialist <br /> <br />Background: <br /> <br />CASE # <br /> <br />Staff has been directed by the EDA ,and City. Council to facilitate development and <br />redevelopment activity and to acquire properties in the City's Development District No. 1 <br />as willing sellers put their properties on :the market. In 2004, Staff began negotiations <br />with an agent for the Amoco g~ Statiofi located at 5195 142nd Avenue NW on'Highway <br />47. Staff has negotiated a sal~s price of $230;000.00 for acquisition of the buildings and <br />property. This price is $20,000,.00 less ban the County assessed Value. The acquisition <br />of this property would be funded entirely through Tax Increment Financing District No. <br />1. Staff feels that the acquisition of; this property is consistent with the development <br />program of Development DistriCt No. Ii and~it will promote quality development on the <br />site. Staff is requesting that ~e City iCoun~il approve a purchase agreement for the <br />subject property. Enclosed is ~ proPoSed purchase agreement drafted by Attorneys for <br />BP Products North American Inc., fka Amoco Oil Company for a purchase price of <br />$230,000. Staff is in the process of reviewing this purchase agreement and the City <br />Attorney has several concerns about its t~rms; except for the purchase price. <br /> <br />Enclosure: Draft PurChase Agreement <br /> <br />Recommendation: <br /> <br />Staff recommends that the Cit~ .enter into-a pUrchase agreement for the Purchase of Lot <br />1, Block 1, RIVER'S BEND PLAZA' 2~ ADDITION from the Seller at a price not to <br />exceed $230,000.00 on legal temPs'and conditions as approved the City Attorney. <br /> <br />Council Action: <br /> <br />Motion to authorize a Purchase Agreement to acquire Lot 1, Block 1, RIVER'S BEND <br />PLAZA 2~rr~ ADDITION for a Purchaseipric¢ inot to exceed $230,000.00,' subject to City <br />Attorney approval as to form and conten~ ofterms and conditions. <br /> <br />Reviewed by: <br />Community Development Director <br />City Administrator <br /> <br />CC: 03.22.05 <br /> <br /> <br />