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CASE # <br /> <br />ACQUISITION OF THE NORTH 70 FEET OF LOT 2, BLOCK, 1 <br /> HY-10 RAMSEY 2N° ADDITION <br /> <br /> Scan M. Sullivan, Economic Development / TIF Specialist <br /> James E. Norman, City Administrator <br /> <br />II <br /> <br />llackground: <br /> <br />The City has been in negotiations with 5A Partnership I (Adolfsen-Peterson) to purchase <br />the North 70 feet of Lot 2, Block 1, Hy-10 Ramsey 2nd Addition for highway purposes. <br />The property acquired would be used for the extension of County Road 116. Attached is <br />a letter from Scott Weight approving the terms and conditions of the proposed <br />acquisition. Tax Increment Financing District No. 1 will fund the acquisition of this <br />parcel. <br /> <br />Recommendation: <br /> <br />Staff recommendation is to proceed with the acquisition of this parcel according to the <br />terms and conditions stated on the attached letter. <br /> <br />Council Action: <br /> <br />Authorize staff to execute a purchase agredment with 5A Partnership I to acquire the <br />North 70 feet of Lot 2, Block 1, HY-10 RAMSEY 2~4r) ADDITION <br /> <br />Reviewed by: <br />City Attorney <br />Community Development Director <br /> <br />CC: 1.(}.25.05 <br /> <br />-323- <br /> <br /> <br />