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Last modified
2/21/2024 11:10:24 AM
Creation date
2/21/2024 11:09:39 AM
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Planning Files
Planning Files - Planning File #
1830
Planning Files - Type
Division of Land
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5. Baton Corporation would agree to purchase the Lexington <br />School site according to these general parameters: <br />A. On the date of closing Baton Corporation <br />would contribute $247,000 to the 51,300,000 <br />total purchase price as payment in full for <br />the school building and 6 acres of land. <br />B. Baton Corporation would be responsible for <br />the demolition of the school building at the <br />appropriate time, and would dedicate 1-acre <br />of land to the City for a public park. <br />C. The City of Roseville would contribute <br />0316,000 to the 01,300,000 total purchase <br />price for 2-screa of land, and would be <br />responsible for the balance of the purchase <br />price (0738,000) which could be paid from the <br />talc increment generated by the new <br />development. <br />S. Baton Corporation would be required to construct a <br />development with a minimum market value sufficient to <br />generate enough tax increment to extinquish the <br />balance of the purchase price within a time frame <br />acceptable to the City, the School District, and Mr. <br />Kaufhold. <br />Since the issues surrounding this site are much more complex than <br />I've highlighted above, I would be happy to make myself <br />available to answer questions and to expand on our proposal. <br />I would also like to request that you, your staff, and the City <br />Council respect the confidential nature of this letter during the <br />period of our negotiations. <br />Sincerely, <br />Steven L. Embretson <br />
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