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'REQUEST ACT 9 FOR COUNCIL, ION DATE �5 -11- 9 2 <br />ITEM NO., F.q <br />11 <br />2,0 At this point, in time, the, Glac i*er property has become <br />1i <br />available as, Burlinaton Northern has decided to sell all of <br />Mr <br />'tt,s proplerity at a national, auction. <br />I <br />As discussed at a previous work session, Glacier is asking a <br />I is <br />mum of $17510�, 0100 with respect, to the auction,, if the City <br />alcts. bef ore the auct 'Ion date, it has the opportunity to buy <br />t he priopertv. Originally,,,, financing terms were available <br />41 <br />with a 10% interest rate, <br />4. The ap� riaisal by Dahlen and Dwyer was updated, which shows a <br />P <br />market value of -S,850'. 000 <br />5, At, the last C 110ty Council Work SessionF staff. was author3".zed <br />to colmm,ience purchase negotiations with Glacier. <br />6* After a number of of fers and counter of f ers Glacier and <br />staff have agreed to the following: <br />a. a purchase, price of $17001,000,i <br />b a f inancinig arrangement that includes a 7% interes <br />riatiei,i a 20, year ammortiziatilon, and a balloon after th <br />f ive years. I <br />0 <br />Alternative I., <br />U Oi The C ity could, let another party purchase the property and <br />subsequently , hope that the new, party would be willing to <br />work with the City in terms of a comprehensive redevelopnent <br />lolf the area,, <br />