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<br />FC CASE # 2. <br /> <br />DISCUSS ACQUISITION OF BOIKE PROPERTY <br />By: James E. Norman, City Administrator <br /> <br />Background: <br /> <br />The City Council has been discussing the acquisition of the Boike property as a critical piece to <br />the northwest river crossing, south ofT.H. #10 since May of this year. Anoka County continues <br />to be a willing partner with the City in both the purchase and a joint powers agreement for the <br />financing of the acquisition. The City continues to have concerns regarding the acquisition and <br />its ability to finance the acquisition. The 2007 budget and levy were established with no <br />additional expenditure for the acquisition of the Boike property in 2007. <br /> <br />Staff continues to study and investigate different methods of financing the acquisition of the <br />Northwest Metro River Crossing Corridor and will provide a brief update to the Committee <br />during the meeting. The Tinklenberg Group has also invited Mr. Boike to attend the Finance <br />Committee meeting so he has an opportunity to better understand the financial constraints of the <br />City. <br /> <br />Committee Action: <br /> <br />No action necessary. <br /> <br />Reviewed by: <br /> <br />City Administrator <br />Finance Officer <br /> <br />FC: 09/26/06 <br />