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TO: <br /> <br />FROM: <br /> <br />DATE: <br /> <br />SUBJECT: <br /> <br /> MEMORANDUM <br /> <br />Mayor and Council <br /> <br />Pat Klaers, City Administrator <br /> <br />September 17, 200 I <br /> <br />Consider Bailey Purchase Agreement <br /> <br />Item~ 4.4. <br /> <br />This past winter the City Council reviewed an appraisal (by Jerry Smith) for the Bailey <br />property. The City Council authorized and paid for this appraisal. The Bailey property is on <br />Quinn Avenue between 5th Street and 4th Street and is adjacent to the southwest part of the <br />library parking lot (sec attached map). After review of the appraisal, it was the consensus of <br />the City Council to pursue the purchase of the Bailey property. The purchase of this <br />property makes good planning sense for the future library expansion. <br /> <br />Last spring, the city and the attorney for Mrs. Bailey looked at a draft standard purchase <br />agreement. After discussion of the purchase agreement and evaluation of the situation it was <br />decided to consider a life estate arrangement. Staff feels that this is the best type of <br />arrangement for the city as we pay now for the property (at the appraised value) and the city <br />obtains the property when Mrs. Bailey moves out or is no longer living. With this <br />arrangement the city has no issues with leasing or renting the property back to Mrs. Bailey, <br />dealing with maintenance of the property, insurance, taxes, etc. The city has no immediate <br />plans for expansion of the library or its parking lot and we can wait a number of years to <br />obtain control of this property. <br /> <br />The total amount of funds for this purchase is available in the library reserves. If this <br />transaction moves forward, the city will continue to look at the site configuration and will <br />have discussions with adjacent property owners as appropriate. <br /> <br />One final item to note, and this relates to the Planning Commission review of land <br />transactions. The City Council can waive Planning Commission (review by resolution <br />adopted by two-thirds vote) if the Council finds that the acquisition has no relation to the <br />comprehensive plan. If Council wants to dispense with the Planning Commission review, it <br />can adopt the attached resolution and subsequently approve the purchase agreement. I think <br />that the Council could make this finding, as the library is not specifically mentioned at all in <br /> <br /> <br />