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n �. . � � - <br />.� 9 <br />• <br />n <br />U <br />• <br />M E M O R A N D II M <br />DATE: July 15, 1992 <br />TO: Steve Sarkozy <br />FROM: Craig A. Waldron <br />SUB.TECT: Hart Property Option <br />Summarv <br />1. The City has completed a major assemblage effort in the 35W <br />gateway area through optioning of all but one of the <br />homeowners parcels - 13 acres, as well as the purchase of <br />the Glacier site. Glacier was purchased at a price of $2.63 � <br />per sq. ft. <br />2. The "middle" 10 acre property is currently owned the Hart <br />Estate. Staff has reached an agreement with Hart regarding <br />a two year option on this particular parcel. The option, <br />each year, would cost the price of the property taxes, <br />$32,700. <br />3. Initially, Hart was asking $1.7 million or $3.85 per sq. ft. <br />Subsequently, staff has reached an agreement with Hart for a <br />purchase price of $900,000 whicli is $2.04 per sg. ft. <br />(Hart's original purchase� agreement with Rosewood was ,�2 <br />million). The negotiated price coincides with the appraisal <br />that was completed. <br />4. Based on the �fact that the City would have all of the <br />critical parcels in this area under control, it staffs <br />recommendation that the City Council approve entering into <br />an op�ion agreement with the Hart pr.operty owners. <br />