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c,ty of <br /> <br />iver <br /> <br />MEMORANDUM <br /> <br />Item #5.1. <br /> <br />TO: <br /> <br />FROM: <br /> <br />DATE: <br /> <br />SUBJECT: <br /> <br />Mayor & City Council <br /> <br />Pat Klaers, City Adrr~il~ig~trator <br /> <br />September 22, 1997 ~ <br /> <br />Purchase of the Residential Property <br />North of the Library <br /> <br />At the budget meeting on August 25, 1997, the City Council directed me to <br />pursue the purchase of property north of the Library along Proctor Avenue. <br />This is the home site of Mrs. Ryding who is represented by her son Gerald <br />Ryding. The intention of the city was to purchase this property for the <br />expansion of the Library parking lot. This would require the demolition and <br />removal of the existing home. <br /> <br />At the September 8, 1997, meeting I updated the Council on the progress <br />that had been made in attempting to purchase this home site. In this regard <br />I advise the Council that the city had hired local Realtor Mel Beaudry to <br />represent the city. Part of Mel's service was to evaluate the worth of the <br />property in order to help the city determine a fair offering price, negotiate <br />with the seller, and bring this purchase to closing before the end of the <br />month. I was pleased to advise the City Council that we were well on our <br />way to finalizing this acquisition. <br /> <br />At the September 15, 1997, City Council meeting a determination was made <br />by the City Council that no Planning Commission review of this acquisition <br />was necessary as it was consistent with our Comprehensive Plan. <br /> <br />A Purchase Agreement between the city and the Ryding family has been <br />signed subject to City Council approval. Mr. Beaudry presented the city with <br />sales information on five similar properties in the vicinity of the Library. <br />The city offered Mr. Ryding the average of these five purchases and this offer <br />was within 10 percent of the county assessed value for the property. I am <br />sure that Mr. Ryding desired more for the property, but Mel was convincing <br />in his negotiations and eventually this $83,000 city offer was accepted. If the <br />City Council accepts this Purchase Agreement amount then we will have a <br />Title Opinion prepared and we will close the transaction before the end of the <br />month. <br /> <br />13065 Orono Parkway · P.O. Box 490 · Elk River, MN 55330 · TDD & Phone: (612) 441-7420 · Fax: (612) 441-7425 <br /> <br /> <br />