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<br />.. <br /> <br />ill <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />CITY OF ARDEN HILLS <br />ECONOMIC DEVELOPMENT AUTHORITY <br /> <br />MEMORANDUM <br /> <br />DATE: <br /> <br />March 8, 1999 <br /> <br />TO: <br /> <br />EDA President and Board of Commissioners <br /> <br /> <br />Ji: <br />Kevin Ringwald, Executive Director <br /> <br />Purchase Agreement for Round La e dlHighway 96 intersection <br />(Indykiewicz property) <br /> <br />FROM: <br /> <br />SUBJECT: <br /> <br />Requested Action <br />The EDA is being requested to approve the purchase agreement for the entire Indykiewicz parcel <br />at 1920 Highway 96 (Exhibit A). <br /> <br />Backl!:round <br />The EDA at its January 4,1999, meeting authorized the Staff to hire a consultant to conduct a <br />Phase I environmental analysis of the property. Additionally, the EDA authorized the City <br />Attorney to prepare a purchase agreement for the entire Indykiewicz parcel (1920 Highway 96) <br />for a price not to exceed $1,150,000.00 (excluding dirt and fixtures), subject to the following: <br /> <br />1. Stable soils and no environmental contamination. <br />2. Approval ofthe purchase agreement by the EDA. <br /> <br />Phase I Environmental Assessment <br />The Staff hired the consulting firm of Pro Source Technologies to conduct the Phase 1 <br />Environmental Assessment on the Indykiewicz property. ProSource Technologies has been <br />working towards completion of the Phase I, on March 10, 1999. The Staff discussed the Phase I <br />with the consultant on March 5, 1999, and was informed that, based on current information, they <br />did not anticipate anything major to come up in the report. <br /> <br />Purchase Al!l'eement <br />The following summarizes the acquisition costs, per the purchase agreement (Sections 2.1, 2.2, <br />and 2.4): <br /> <br /> <br />* <br />