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If the settlement agreement is approved, staff will begin working on creating an RFP for the <br />34 <br />demolition of the PIK buildings so that they will taken down in at some point this summer. <br />35 <br />PO <br />OLICYBJECTIVE <br />36 <br />The final settlement agreement will allow for the City to complete the purchase of the land <br />37 <br />needed for roads and utilities in Twin Lakes (already constructed) for the appraised value. In <br />38 <br />addition, as an added benefit, the settlement agreement will lead to the demolition of blighted <br />39 <br />and abandoned buildings on the PIK site. <br />40 <br />BI <br />UDGET MPLICATIONS <br />41 <br />It is estimated that the cost of demolition of the PIK buildings will be approximately $160,000. <br />42 <br />The City will pay for the intial demolition through TIF District 17 funds. The TIF District will <br />43 <br />be paid back over a period of 12 years per the assessment agreement. <br />44 <br />SR <br />TAFF ECOMMENDATION <br />45 <br />Staff recomneds that the City Council enter into the agreement with PIK <br />46 <br />RCA <br />EQUESTED OUNCIL CTION <br />47 <br />Motion to the Settlement Agreement between the City of Roseville and PIK Terminal <br />APPROVE <br />48 <br />Company and Pikovsky Management LLC regarding the the purchase of land for roads and <br />49 <br />utilities in the Twin Lakes Redevelopment Area. <br />50 <br />Prepared by: Patrick Trudgeon, Community Development Director (651) 792-7071 <br />Attachments: A: Aerial of PIK Property <br />B:Property Purchased for Right-of-way and Utility Purposes <br />C:Propopsed Settlement and Assessment Agreement <br />Page 2 of 2 <br /> <br />