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city Council 2 August 13, 1993 <br />Ii <br />B., Hart Property: <br />f�, Allow the, option to, expir�e wi,ith no renewal, <br />6 <br />2. Renew the option for, 199.,4 at an annual cost of <br />approximately with the purchase price remaining <br />the e at approxi"mately $900, 000,9 <br />nd purchase the parcel for <br />30 Exercise, the current option a <br />$900,000, which is approximately $1s,85 per square foot. <br />I* <br />STAFF RECOMENDATIONIP <br />'The entiLre, northeast corner of Hi'ghway 36 and 35W has been <br />A <br />identi"field by the, City as an area of significant redevelopment <br />potiential. As such, the assemblage, of the properties under option <br />a <br />is a, signifIcant marketing advantagiee Ownership of the parcels <br />may of'fer some, silgnificant redevelopment beneftse <br />Respectfully S'lubmitted. <br />