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February 4, 1975 <br /> Presen-i- a sweet ing on FabruF.ry 3,, 1975 - Mrs . Cummings and mo-l"her <br /> Howie Schulz ( nephew) <br /> Bill Fayaraisen <br /> John Buckley <br /> Preliminary considerations for Council concerning possible purchase <br /> of W. E . Cummings property on south , Ides of Karth Lake . <br /> 1 . Total amount of sale oi- two parcels amounting to about <br /> 14 .67 acres is $57,625 .00 . <br /> Part A - West of Highway ir"51 right-of-way and touching <br /> Amble Road . <br /> 3 . 14 at S50500.00/acre = $ 170,270 .00 . <br /> Part B - East of Highway #51 right-of-way and touching <br /> Lexington Avenue . <br /> 11 .53 acres at �3 ,,500 .00/acre = $400355 . <br /> Excluded -e'rom Part 8 is a 2 .3 acre parcel on which home is <br /> located . See attached rnap . <br /> (Earnest money contract lo be signed <br /> before Feb , 27th or conditions are <br /> • nu I I i f led . <br /> 2 . Conditions of Sale : <br /> Down Payment <br /> A. A1 ,1 past dus tams ancl assessments on all acreage <br /> in Arden Hills currently o%ined by Marion (Mrs . W . E . ) <br /> Cummings ( about 16 .97 acres) approximate due is $7,500. <br /> B . Additional down payment of $ 11 , 5 00 .00 ( loss than 29%) . <br /> `City of Ardan Hilis to pick up baiance of assessments due <br /> on the. tame property over the next 17 years or so about <br /> All three of th,-- above figures to be subtracted from total <br /> of $57F625 .00 . Tho remalrina amount ( about 527 ,,000 .00) of <br /> principal to be paid in If"' ve annual payner-i-s or sooner, at <br /> buyer 's option . The, buyer shall also pay interest on the <br /> remaln.ing principai at the rater ol- 7j% per year . <br /> cc : Cc3 Lin c i I <br /> James Lynden <br /> J . Buckley <br /> MrE. . Cummings <br />