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Z 1: liii F a Will! i iil`�Iiili�i' i` JF#Tk� <br />iNjh *I# a *I �111111111111[ -�) 4 � INV 0 5F�l <br />ITEM NO a <br />Department APprovaloo Manager Reviewed. Agenda Section: <br />Reports and <br />Recommendations <br />item Dei's criLption: Authorization tio enter into negotiations fo <br />Glacier site, 9 1 <br />■ ip kloo-groll <br />For a numbler of years , dat ling back to the early 8 0 1 s I th <br />City hasi been working to make sure the h ighest qual it <br />.development oic,c'ursi within, the 35/36 area. The C ity ha <br />ovtioned approximately 13 acres from the homeowners in th <br />imn-miediate areia,. <br />9 0 <br />2 At tih 'is point in ti me, the Glacier property has become <br />if <br />available as Burl incrton Northern has dec ided to sell all of <br />ow <br />its property ati a national auctilon. <br />3 As d,isicusse,d at the last work session, Glacier is askina a <br />A 110 -1 <br />minimum of $750,000 with respect to the auction... if the city <br />ac�tis before May 7.i it has the opportunity to buy the property <br />41 <br />before the auiction. Financing terms are available 'in which <br />Glacier ilis proposing a 20 year amortization schedule with a <br />3 -5 year, balloon, biased on. the City I s preferred interest rate, <br />4,, The, appraisal by Dahlen and Dwyer was updated,, which shows a <br />miariket v,aliue of $850,,iOOO � -S!4025,000* <br />10 'The Purchase of the land would provide property assemblage <br />for redevelopment of one of the City's primary targeted <br />areas .1 <br />I - - w IF41 O 6 , a <br />