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Department Approval <br />� <br />Item Description <br />BACKGROUND <br />l�'�, <br />Jy <br />REQUEST FOR COUNCIL ACTION <br />Date: 10/12/09 <br />Item No.: 12.f <br />City Manager Approval <br />Consider Acquisition of portions of property located at 2785 Fairview <br />Ave., City of Roseville for road and infrastructure purposes <br />The City is in the process of negotiating with the property owners within the Twin Lakes <br />redevelopment area to acquire portions of their property for road and infrastructure purposes. <br />In the Fall of 2008, the property owners of 2785 Fairview Ave., Hagen Ventures LLC, <br />approached the City and inquired if the City of Roseville would be interested in purchasing a <br />portion of their property that is needed for Twin Lakes Parkway. Since that time, the City and <br />Hagen Ventures have negotiated and drafted a purchase agreement for City Council <br />consideration. Selow is a summary of the purchase agreement: <br />• The purchase agreement is between the City of Roseville and Hagen Ventures LLC, owners <br />of 2785 Fairview, a multi-tenant trucking terminal/warehouse. <br />• The city is acquiring approximately 1.95 acres for Twin Lakes Parkway. The purchase will <br />include the land upon which the officially-mapped Twin Lakes Parkway will be constructed <br />upon (including an accessory building) as well as triangular remnant parcel in the northwest <br />portion of the property. <br />• The purchase price $1,006,500, which is the value based on an appraisal conducted by Dan <br />Dwyer for the city this past spring. Hagen Ventures will be required to escrow $60,000 for <br />future potential use in cleaning up the property from previous tenants and for any <br />environmental remediation. <br />• Seller (Hagen Ventures LLC) waives any rights it has for relocation benefits from the city. <br />• Current tenants of the property that are impacted by the purchase are on month-to-month <br />leases and will likely be eligible for relocation benefits. Any new tenants after closing will <br />also be on a month-to-month lease, but will not likely be eligible for relocation benefits. <br />• The City will need to process and approve a subdivision to separate the parcel that it is <br />purchasing from the parcel that will be retained by Hagen Ventures. <br />• The closing shall take place no later than December 31, 2009. <br />• Hagen Ventures warranty that they have no knowledge of hazardous or toxic substances on <br />the land to be purchased, expect as disclosed in prior reports. <br />Page 1 of 2 <br />