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r. <br />Iii &Lij *-I <br />C11111 hold <br />W.." <br />ITEM - - e. ,- <br />Department provali Manager Reviewed: Agenda Section: <br />mentj <br />Reports and <br />Recommendations <br />Item Description: Author3.zat 'ion to enter into an optio <br />agreeIIent withthe Hart property owners,. i <br />1 0 <br />'The City has Completed a major assemblage effort in the 35W <br />a I <br />gateway area through optioning of all but one of the <br />hoifteloTomers, parcels (13 acres),, as well as the purchase of the <br />Glacier site (71., " 85 acres). Glacier was purchased at a price <br />of per <br />9 <br />The I'middle"11 10,,, 12 acre property is currently owned the Har <br />Esitate.i Staff has reached an agreement with Hart rega�rding <br />61 <br />two year, option on this particular parcel. The option, eac <br />year,,wouldloost the price of the property taxes, $32,700. <br />Initil'ally,, Hart was asking $1.17 million or $3.85 per sq. ft,,-- <br />Subs equently , staff has reached an agreement with Hart for a <br />purchase price of' $90001010.0 which is $2,04 per sq. ft., <br />(Hart's original purchase agreement with Rosewood was <br />million1vi The, negotiated price coincides with the appraisal <br />that r V <br />a <br />4. 'This assemblage would be positive for Rosevil:le based on the <br />fact that the City would have, all of the critical gateway <br />parcels in this, area under control,. <br />Alternatives <br />19 'The City could not proceed with the -optilon and leave this <br />site, as a, free standing area.1 Thus, Roseville will not <br />control the 10 acres between the homeowners and the Glacier <br />S ite, <br />11 The,, City would have a annual fee,, for two years.' that would <br />