CCP 09-22-1997 - Laserfiche WebLink

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-------- --- 1 Memorandum, Welsh Purchase and Sale Agreement I Page Two - September 19, 1997 Why is the City Being Requested to Off-Set These Additional Costs? .. The City Council elected, at the time it demolished the Kem Milling plant, to leave the foundation, It did this because it did not want to incur the additional expense, as the City did not I know what type of future development would occur on the site. The City Council must now decide whether or not it believes any of the three identified items are to be considered part of the site development costs, and if so, whether the City should pay for them, I Are There any Other Costs Which Would Affect the Sales Price? The City is still waiting for final confirmation on the wetland mitigation issues, The fmal I purchase price may also be adjusted once these numbers are finalized. . When is the Closing Proposed to be? I The closing is proposed to be on or before October 15, 1997. What Other Actions are Related to this Purchase and Sale Agreement? I The approval of this agreement is directly related to several other actions being considered by the City of Arden Hills and the Arden Hills Economic Development Authority. Those include: I . Approval of Planning Case #97-06, Planned Unit Development (PUD) Final Plans, and Final Plat tJ . Sale and Purchase Agreement, CitylNaegele Outdoor Advertising, Inc, . Development Agreement . Award of Construction Contract for Fourteenth Street Improvements I . Authorization and Sale of Tax Increment Financing (TIF) Bonds What is the Status ofthe Naegele Purchase Agreement? I The attorneys for Naegele have not yet completed their review of the Purchase Agreement, and as a result, the City has not formally come to terms on the acquisition of the strips of property to be included in this sale with Welsh. Naegele representatives have assured us that the City will I receive the Purchase Agreement early next week so it can be reviewed at the September 29, 1997 City Council meeting, Recommendation I The City Council is asked to approve the Purchase and Sale Agreement for the sale of property to I Welsh Development Company, LLC substantially in the form presented subject to nonsubstantial changes being approved by the City's Development Attorney and City Administrator. This would also authorize the Mayor and City Administrator to execute all necessary documentation, I This approval is subject to the following items: . The approval and execution of the Sale and Purchase Agreement with Naegele I Outdoor Advertising, Inc, . The approval and execution of the Development Agreement. -- I