CCP 12-15-1997 - Laserfiche WebLink

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I' , I CITY OF ARDEN HILLS ~ MEMORANDUM DATE: December 12, 1997 I TO: Mayor and City Council I FROM: Brian Fritsinger, City Administrat@ SUBJECT: Purchase and Sale Agreement, Welsh Development Company, LLC I Requested Action I The City Council is asked to consider the approval of the Purchase and Sale Agreement between the City of Arden Hills and Welsh Development Company, LLC. I Background The City Council, at its September 22, 1997 Special meeting, reviewed and approved the Purchase and Sale Agreement with Welsh. Since that time, substantial changes have been made I to the agreement, and staff would like the City Council to review these changes. The agreement initially approved by the City Council contained several key underlying assumptions. They included: .. 1. The purchase price for the property is $408,640. Assuming that the developer I adheres to the prescribed build out schedule, $85,255 of the purchase price, the "Remaining Portion" may be forgiven; otherwise $85,255 is due and payable on December 31,1999. I 2. At closing, the purchaser shall pay to the seller $323,385 by cash or certified check. This purchase price will be reduced by $4,060 to remove gas piping on the I property, and $8,210 to remove water main piping on the property. Thus, the net cash at closing was expected to be $311,115 ($323,805 - $4,060 - $8,210). I 3. Assuming that the Kem Milling foundation removal costs are not known at the closing, an amount not to exceed $61,405 shall reimburse the purchaser for such costs at the time that they are known. I 4. Additionally, the purchaser has agreed to upgrade the brick exterior of Phases II, III and IV. Seller has further agreed to reduce the purchase price by up to I $200,000 for the purchaser documented cost of such upgrade. I Therefore, the City's expectation of funds to be remitted by Welsh to the City at the time of closing by cash or certified check was as follows: it I ------