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REQUEST FOR COUNCIL ACTION DATE: 6-25-90 ITEM NO.: � _/ Deparitbent Ap oval: Manager Reviewed: Agenda Section: Report and Recommendation Ite Descr'p ion: Rosewood request for City land purchase- 35W/36 site. At the City Council Work Session, June 18, 1990, the Counci reviewed the modified Rosewood proposal with respect to a Cit buyout of the land in the 35W area. The basic elements of Rosewood's proposal are as follows: 1. Rosewood would be paid for its out of pocket and assemblage fees a total of $760,000. Each homeowner would be paid $40,000 cash up front (12 X $40,000 = $480,000). The Hart estate would be paid $157,000 up front. 2. The City would pay down on the balance at a rate of 7.5% for the next 6 years. No interest would be forthcoming to the homeowners or the Hart estate for this is a non -recourse proposal for the City, thus Roseville is not required to make any of the final payments or eventually take out the property. However, once the City had made such a commitment, it would be extremely hard to walk away. The properties would be taken off the tax roles and the owners would be allowed to continue to stay in the homes. 3. The owners would agree to 0 relocation expenses when the City eventually takes down the land. 4. The City would have to provide a six month notice to the homeowners before exercising its right to take down the property. After seven years, a final buyout would be required to pay off the remaining balances. A summary of the proposed project as well as a discussion of the pros and cons are attached for Council review.