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FebC8. 2OUi: 10 :404 N ,1 F' BERNARD E. $T&FEN J,? 455 D. HOEFT r tca.AD.q. MERKEL '. , JOAN M QC::.DE DARRELL.A. JEN$EE SCOTT M- _ TAK JEFFREY S. JOHNSON I.1 GS STEVEN G. THOR.CN RUSSELL H. CROWDER SUL1EF,Y A. 3CH ADDVG ION t B JCY.SCN BRADLEY A R .R LAWRENCE 'ORISON Banta, Guzy & Steffen, Ltd. YIPLCO M E TMRY THOMAS P. MALONE ATTORNEYS AT LAC' KJ5rI R.RIiET WCHAE_' R HURLEY CrEUSTCPHER DE LA FOREST HERMAN L TAILS 400 Northman Financial Plats MATTHEW M. QUINN CHARLES N SEYKORA 200 Coon Rapids Botleirard DANIEL D. CANTER, IR P aids orCxad 8EVCiLYK. DODGE Minneapolis, MN 55433.5894 ROBERT A. OM s9.G¢ C. HOMO( (612) 780 -8500 FAX (612) 780.1777 MEMORANDUM TO: Jim March, City Administrator, City of Centerville FROM: Jim Hoeft, City Attorney, City of Centerv' RE: Purchase of Eagle Trucking Site DAItD: February 18, 2000 As I will be on vacation the week of February 21, I wanted to give you my thoughts in writing regarding the review of the Purchase Agreement by Mr. Hubers' attorney. These comments can be shared with the Council as well as with Mr. Hubers and his attorney. I note that Eagle Trucking, Inc. is not the owner of the property, but rather Richard G. and Diane Lynn Hubers. We need to know whether they are husoend and wife, father,/daughter, brother /sister? Paragraphs 1, sub. c and d will remain on the first page of the Purchase Agreement even though Mr. Hubers attorney has indicated they are not applicable. If in fact there are no outstanding contracts or pernits involved in this transaction, then we will simply indicate "none" on both Exhibit C and D. With regard to the purchase price of $375,000, we will need to know bow Mr. Hubers wants to divide that purchase price between the value of the real estate and the value of the personal property being purchased with the building. There are certain tax implications to Mr. Hubers with regard to how that purchase price is allocated, and I would defer to his desire on how that should be divided. Mr. Hubers' attorney indicates that they would like 5% as an earnest money, payment to be held in Mr. Hubers' attorney's trust account. I do not have any objection to that provision other than we need to determine whether the 5% earnest money will be 5% of the purchase price of the real estate or 5% of the total purchase price including the price for the personal property items. Not a huge issue, but it should be clarified. On page 3, we can eliminate subparagraph g entitled "Financing and Other Approvals." On page 4, subparagraph A (3) and (4) can be removed if in fact there are no contracts or permits that will be assigned. An Eq,;i Cppq„gnity Employe.