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• DATE: <br />TO: <br />FROM: <br />M E M O R A N D U M <br />May 4, 1992 <br />Steve Sarkozy <br />Craiq A. Waldron <br />SUBJECT: Update - Glacier Negotiations <br />We have had the opportunity to commence negotiations with Glacier <br />Park. To date, the following has occurred: <br />l. <br />The City offered $600,000 cash without any financinq <br />required. This is $150,000 below the minimum asking price <br />with respect to the auction. <br />2. Glacier countered with a$700,000 cash offer, which would <br />• have been 5 � <br />$ 0,000 below the minimum asking price. <br />3. The City countered stating that the $700,000 in immediate <br />cash was unacceptable. Subsequently Glacier has offered the <br />site for �700,000 with financinq. We have been offered the <br />opportunity to f inance the proper�y at below the original 9% <br />�nd 10% in�erest rates �with a 7% rate instead. The total <br />represents a savings over the City�s appraisal from 150 000 <br />to 225 000. <br />i <br />