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TO: <br /> <br />FROM: <br /> <br />DATE: <br /> <br />SUBJECT: <br /> <br /> MEMORANDUM <br /> <br />Mayor and City Council <br /> <br />Pat Klaers, City Administrator <br /> <br />October 8, 2001 <br /> <br />Consider Bailey Purchase Agreement <br /> <br />Item~ 4.11. <br /> <br />The City Council reviewed the proposed purchase of the Bailey property at its September 17, <br />2001, meeting. After discussing the issues, the City Council requested Planning Commission <br />review of this land acquisition for the future expansion of the library and/or parking lot. The <br />Bailey property is located south of the library parking lot. <br /> <br />The Planning Commission reviewed this proposed purchase at its September 25, 2001, <br />meeting. Please see the attached memo from the Director of Planning Michele McPherson <br />for the comment from the commission. <br /> <br />The proposal is for a life estate arrangement. The city will be paying the appraised price of <br />$144,000 at the closing. Funds are available for this acquisition in the Library Reserve. Please <br />see my attached September 17 memo for additional background. Also attached is the <br />purchase agreement. <br /> <br />Recommendation <br />It is recommended that the City Council authorize the execution of the purchase agreement <br />for the acquisition of the Bailey property. <br /> <br /> <br />