Agenda - Council - 12/13/2005 - Laserfiche WebLink

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Acquisition of 14165 Ramsey Boulevard NW . ' By: Sean Sullivan, Economic Development / TIF SpeCialist William Goodrich, City Attorney CASE # Background: Staff has been directed by the EDA to facilitate development and redevelopment activity and to acquire properties in the City's Development District No. 1 as willing sellers put their properties on the market. On October 25' 2005 City Council approved the acquisition of this property from Fisher Enterprises, Inc. for a purchase price of $1,120,000 with a closing date on or before April 1, 2006. Upon review of the land survey it was determined that the square footage represented was less than stated by the seller. The reduction in square feet has lead to a reduction in price of $112,330. The new sales price is $1,007,670 and the closing date ~vould be_moved up to January 31, 2006 or earlier. Fisher Enterprises has an outstanding purchase agreement with the Fee Owners which is to close in January of 2006. Acquisition of this property would be funded through TIF Bonding. Staff has advised Fisher Enterprises, Inc. of possible relocation qualification and benefits. It is the position of Staff that there is no relocation due to the open market sale and the willing seller. As of this writing, Fisher Enterprises, Inc. has agreed to waive any relocation, however no contact with the current fee owner has been made regarding the relocation issue. Staff is requesting that the City Council approve the amendment in price and closing date included on the attached Purchase Agreement. Recom men dation: Staff recommends that City Council accept the attached amended purchase agreement and to purchase 14165 Ramsey Boulevard NW Council Action: Approve attached amended Purchase Agreement and acquire 14165 Ramsey Boulevard NW Reviewed by: Community Development Director CC: 12.13.05 -534-