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<br />.. " <br /> <br />CASE # <br /> <br />IA <br /> <br />AMEND PURCHASE AGREEMENT AND <br />LOAN AGREEMENT FOR THE <br />PURCHASE OF PROPERTY LOCATED AT <br />6745 HIGHWAY 10 NW (Anchor's Away Building) <br /> <br />By: William K Goodrich, City Attorney <br /> <br />Background: <br /> <br />On April 25th Council approved a Purchase Agreement for the purchase of a building located at <br />6745 Highway 10 NW, known as the Anchor's Away Building. You will recall this is a RALF <br />Fund purchase and that this property is in the Highway 10 official mapped area. Subsequent to that <br />date it was determined that the appraisal did not include an amount for the personal property and <br />equipment located in the building. A new appraisal has been completed and reviewed by MNDOT <br />with the new amount being $1,749,880.00. In addition the City's administrative costs have been <br />determined to be $15,880.00. We are asking at this time to amend the previously approved <br />purchase price from $1,550,000.00 to $1,749,880.00 and to increase the administrative expenses in <br />the loan agreement to $15,880.00. <br /> <br />Enclosure: <br /> <br />Map showing location of subject property. <br /> <br />Recommendation: <br /> <br />Approve the increased purchase price as above indicated. <br /> <br />Council Action: <br /> <br />Motion to amend the previously approved Purchase Agreement and Loan Agreement for the <br />purchase of the property located at 6745 Highway 10 NW by increasing the purchase price from <br />$1,550,000.00 to $1,749,880.00 for the purchase of said property by use of RALF Funds. The <br />initial approval was given at the Council's April 25, 2006, meeting. <br /> <br />Review Checklist: <br /> <br />City Administrator <br />