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Background: <br />AUTHORIZATION FOR ACQUISITION FOR FUTURE NORTHWEST METRO <br />CORRIDOR RIVER CROSSING (BOIKE PROPERTIES) <br />By: James E. Norman <br />The City Council has been discussing the acquisition of the Boike property as a critical piece to <br />the Northwest River Crossing, south of T.H. #10. The acquisition would be a Joint Powers <br />Agreement with Anoka County and would require creative financing because funding would not <br />be available at this time. <br />The City Council discussed the financing for the acquisition in June and July, and could not <br />resolve the matter. Council was reluctant to make a major financial commitment to the <br />acquisition that would include bond financing prior to viewing the 2007 preliminary budget. <br />Staff was directed to meet, once again, with the County and property owner to determine if there <br />may be willingness to delay the acquisition and possible reduce the amount of "earnest money" <br />required for the acquisition. <br />Staff and County representatives were able to make a new agreement with the property owners; <br />however, a new purchase agreement was not prepared for Council review. Staff plans to <br />distribute the new purchase agreement at the Council meeting. Attached to this case is the <br />previous purchase agreement and joint power agreement. <br />Committee Action: <br />Motion to authorize execution of a purchase agreement for acquisition of the Boike property and <br />authorization to execute a Joint Powers Agreement with Anoka County for cost sharing of the <br />acquisition of the Boike property. <br />Reviewed by: <br />City Administrator <br />Finance Officer <br />FC: 08.08.06 <br />FC Case # <br />