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a <br />M E M O R A N D U M <br />DATE: June 11, 1990 <br />TO: Steve Sarkozy <br />FROM: Craig A. Waldron <br />SUBJECT: <br />Modified Rosewood <br />sal <br />Rosewood has modified its proposal regarding an eventual <br />Of the 35W/36 site. The basic elements of the Rosewood purchase <br />are as follows: proposal <br />1. Each homeowner would be paid $40,000 cash upfront. <br />2. The Hart estate would be paid $157,000 upfront. <br />3• The City would pay down the balance at a rate of 7. <br />year for six years. No interest would be forthcoming to the <br />homeowners or the Hart estate. <br />4. This is a non -recourse proposal to the Ci <br />is not required to make an tY� thus, Roseville <br />eventually "take out" the propertyf the final payments or <br />5. The properties world be taken off the tax roles an <br />owners would be allowed to continue to stay there. d the <br />6, The owners would agree to zero relocation expenses wh <br />City eventually takes down the land. en the <br />7. The City would have to provide homeowners before exercising proper notice to the <br />property. g its right to take down the <br />8• After 7 years, a .balloon would be required t <br />remaining balance. o Pay the <br />The attached sheet depicts the basic elements of the <br />proposal. In essence, the City would have to be Prepared Rosewood <br />place 936 dawn immediate) P to <br />to assume annual a Y and would have to be prepared <br />year. Albeit thisp payments ranging from349,000 <br />Proposal represents -a much better a444 00� per <br />the City than the one originall PProach for <br />staff still has a number of subs tan t of dqu y Rosewood/ o and concerns <br />City <br />which are as follows: ncerns <br />1. Does the City want to <br />development prospects at this point nh time. nd without any <br />2. Does the City wish to hold this land indefinitely until <br />