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· City Attorney David Sellergren has researched title work and <br /> drafted a purchase agreement with Country Ridge, Inc. for the <br /> purchase of such lot. <br />· City Attorney David Sellergren has drafted a Joint Development <br /> Agreement for the remainder of Tony Emmerich's property which <br /> will allow the city/EDA extensive flexibility in the marketing of the <br /> remainder of this property. Such agreement is to be signed as part <br /> of the land purchase by the city. <br />· A Phase I Environmental Assessment has been ordered and is in <br /> the process of completion for the lot to be purchased by the city, and <br /> the surrounding approximately 14 acres to be marketed by the <br /> city/EDA through the Joint Development Agreement with Tony <br /> Emmerich. <br /> <br />$198,769 represents the specific dollar amount of excess tax increment in Tax <br />Increment District No. 5. A breakdown of the proposed expenditure is as <br />follows: <br /> <br />· $190,000 - purchase price ($1 per square foot for fully improved <br /> land) <br />· $1,500 - Phase I environmental site assessment <br />· ??? - City Attorney fees <br />· ??? - Other closing costs <br /> <br />The portion of the $198,769 which may be unspent upon completion of this <br />transaction is required to be returned to the county as undesignated excess <br />tax increment dollars. <br /> <br />The expenditure of these excess TIF funds from District No. 5 carries with it <br />the same limitations which apply to any other use of tax increment funds. <br />One of the most important limitations was the necessity to spend these <br />excess TIF funds prior to the end of the year, due to the planned <br />decertification of TIF District No. 5 at the end of 1997. <br /> <br />The City Council has ultimate control over the use of these excess TIF funds <br />and therefore is being asked at this time to follow the unanimous vote of the <br />EDA and support the use of these dollars to facilitate this land purchase. <br />Additionally, since the piece of land being purchased is zoned for business <br />park development, it is appropriate for the City Council to transfer <br />ownership to the EDA upon completion of the transaction. <br /> <br /> <br />