Laserfiche WebLink
<br />e <br /> <br />. <br /> <br />. <br /> <br />Indykiewicz Property Acquisition <br />Page Five <br />January 4,1999 <br /> <br />The PIR fund currently has a balance of approximately $4,800,000,00, The intent would <br />be to reimburse the PIR fund as proceeds are received from Ramsey County, Land Sales, <br />Fixture/Dirt Sales, excess TIF, etc", <br /> <br />b. Installment funding. The City has discussed the concept of funding the project over <br />time with the Indykiewicz family. Under this scenario, the City could spread the <br />purchase of the property over three years and pay an interest rate of eight percent (8%) on <br />the outstanding balance, The additional cost to finance this option would be <br />approximately $120,000,00, It is unknown at this time if Ramsey County would consider <br />sharing in the carrying costs, <br /> <br />Recommendation <br />Authorize the Staff to hire a consultant to conduct a Phase 1 environmental analysis of the <br />property, Authorize the City Attorney to prepare a purchase agreement for the entire <br />Indykiewicz parcel (1920 Highway 96) for a price not to exceed $1,150,000,00 (excluding dirt <br />and fixtures), subject to the following: <br /> <br />1, Stable soils and no environmental contamination, <br />2, Approval of the purchase agreement by the EDA. <br />