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<br />I <br />I CITY OF ARDEN HILLS <br />.- MEMORANDUM <br /> DATE: September 26,1997 <br />I TO: Mayor and City Council <br />I FROM: Brian Fritsinger, City Administrat@ <br />I SUBJECT: Naegele Sale and Purchase Agreement <br /> Requested Action <br />I The City Council is asked to consider the approval of the Sale and Purchase Agreement between <br /> the City of Arden Hills and Naegele Outdoor Advertising, Inc. <br />I Backl!round <br /> The City has been negotiating with Naegele on the acquisition of several strips of property for <br /> the last several months. As shown on Exhibit One of the Agreement, the City would be <br />I purchasing three parcels of property. The attached agreement is a draft agreement. A revised <br /> agreement will be presented at the Council meeting. The revised agreement will include <br />.. language representing the recitals shown in Exhibit Two, and also some language on a proposed <br /> change to the sign ordinance. <br />I Why does the City Need to Acquire this Property? <br /> This property is integral to the Phase II development being proposed by Welsh Development <br /> Company, LLC. The strips of property eliminate access to a large portion of the former Pentair <br />I property, which Welsh now controls. <br /> What is the Proposed Purchase Price? <br />I The total purchase price is $25,258,16. This breaks down as follows: <br /> Parcel A - $10,778.16 <br />I Parcel B - 3,244.80 <br /> Parcel A - 11,235.20 <br /> (Right-of-Way) <br />I When is the ProDosed Closing Date? <br />I The proposed closing date is on or before October 15, 1997. <br /> Other Components ofthe Agreement <br />I . Billboards <br />t' Naegele has two billboards located along Round Lake Boulevard which currently sit <br /> within the public right-of-way. Naegele has agreed to remove these billboards. In <br /> addition, the City will work with Naegele in regard to the appearance and location of the <br />I <br /> -------- <br />