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<br />. <br /> <br />. <br /> <br />. <br /> <br />~ <br />~HILLS <br /> <br />MEMORANDUM <br /> <br />DATE: <br /> <br />Agenda Item 8e <br /> <br />June 21,2006 <br /> <br />TO: <br /> <br />Mayor and City Council <br />Michelle Wolfe, City Administrator <br /> <br />Karen Barton, Community Development Director~ <br /> <br />FROM: <br /> <br />SUBJECT: <br /> <br />Purchase Agreement for Old City Hall/Public Works Site <br /> <br />Based on the offer submitted by Royal Oaks Realty, Inc., on April 27, 2006, as amended June 6, <br />2006, and Council direction, attached is a real estate purchase agreement between the City of <br />Arden Hills and Royal Oaks Realty, Inc. for the sale of the old City HallIPublic Works site. <br /> <br />Specific items to note in the purchase agreement include: <br /> <br />Section 2. Purchase Price- Purchasc price of $ 1,997,824 in addition to payment of <br />$40,000 in park dedication fees (Section 11.4) <br /> <br />Section 6. "AS IS" Conditiou and Section 7. Covenants and Warranties of Seller- <br />these two sections memorializc that the purchaser is buying the property in an "as is" <br />condition al1d acknowledges that they have received all known environmental documents <br />regarding the property. In addition, the buyer is indemnifyil1g and agreeing to hold the <br />City harmless from the payment of any clean-up costs. <br /> <br />Section 11.3. Development Permits- acknowledges that the Seller (the City) is not <br />obligated to issue development permits unlcss the buyer's developmel1t application <br />complies with the City's development regulations. <br /> <br />Section 19. Ril!ht to Repurchase- This establishes that the City has the right to <br />repurchasc ifthe buyer has not begun the project by May 1,2007. <br /> <br />The full exhibits (B, C, and D) have not been attached to the enclosed copy of the purchase <br />agreement but are available for review at the City Hall. <br /> <br />It is staffs understanding that the Purehaser (Royal Oaks) is intending to make a planning <br />application in July for review at the August Planning Commission meetil1g. <br /> <br />Staff Recommendation <br /> <br />Staff is recommel1ding Council approve the purchase agreement belweel1 the City of Arden Hills <br />al1d Royal Oaks Realty, Inc., for the purchase of the old City HalllPublic Works site. <br /> <br />\\Metro-inct.us\ardenhills\Planning\TYllsc Files\City Hall-PW Sitc\purchase agreement coullcil action 06-21-06.doc <br />