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~ .y of <br /> <br />iver <br /> <br />MEMORANDUM <br /> <br />Item # 4.1. <br /> <br /> TO: <br /> <br />.~ FROM: <br /> <br /> DATE: <br /> <br /> SUB,JECT: <br /> <br />Mayor & City Council <br /> <br />Paul T. Steinman, Director of Economic <br />Development <br /> <br />December 22, 1997 <br /> <br />Consider Purchase Agreement with <br />Country Ridge, Inc. <br /> <br />Issue <br /> <br />The issue before the City Council at this time is to review an expenditure of <br />up to $198,769 from Tax Increment District No. 5 which would go toward <br />purchase of an approximately 4.4 acre parcel from Country Ridge, Inc., Tony <br />Emmerich, president, in the Elk River West Business Park. <br /> <br />Background <br /> <br />The following activities have taken place over the past six months regarding <br />this potential land purchase: <br /> <br />· Tax Increment Financing Plan for Tax Increment Financing <br /> District No. 5 was modified to allow this additional expenditure. <br />· Staff negotiated a possible land purchase with several property <br /> owners. <br /> <br />· Staff recommended to the EDA that a land purchase with Tony <br /> Emmerich be completed by the end of 1997. <br /> The EDA unanimously supported proceeding with the purchase of <br /> approximately 4.4 acres from Tony Emmerich in the Elk River West <br /> Business Park. <br />· Emmerich agreed to sell the land to city/EDA for $1 per square foot <br /> to cover cost of land and pay off all levied assessments against the <br /> property. <br />· Council approved the platting process of Outlot B, Country <br /> Crossing Business Center, to create an approximately 4.4 acre lot <br /> fronting on Joplin Street NW. <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 />