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0 MW jk <br />I <br />ME'MOR AN DUM <br />DATE: October 1,2, 1989 <br />TO: Steve Sarkozy <br />FROM: Craig A. Wa,ldron't � <br />SUBJECT. Tax Increment Purchase of Lincoln Pond <br />The City loin ef feict would essentilial1v be purchasing r,..nree areas <br />Mi a <br />4P <br />which a,rie p <br />20 .57 acres of holding pond 24,829 sq. feet x e25 per sq. fte <br />= <br />$161, 207 a <br />30 .71 alcres high buffer land $5,,,000, TOTAL: $20,366, <br />Th is number, is based on a <br />typical price <br />that <br />the City would <br />pay.A <br />for, pionding areas and, the <br />esitimat,e,d price <br />of <br />the high land <br />tha <br />was obtained t,h,rolugh an <br />appraisal by <br />the <br />Muske Cornpany, <br />(I <br />should be, pointie'd out that <br />Lincoln would <br />like <br />the City to pay <br />th <br />1 <br />full commercial price for the land <br />which <br />is actually <br />ove <br />$3001000a) <br />Based on this initial price,, I would like to request authority <br />from, the City Council to proicelleld with negotiations with Lincoln <br />for, th,ei, purchase, of Lincoln Pond. Any final dollar figure would <br />be brought back, to the, City Council for final approval. <br />