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CIP Worksession <br />Page 8 <br /> <br />Do <br /> <br />Fo <br /> <br />funding must be identified for this expenditure. Additionally <br />it seems that this expenditure is needed for the adequate <br />functioning of the arena. It is recommended that 50 percent <br />of the net proceeds from the selling of the Holt and Jackson <br />commercial site be applied to this expenditure. It is <br />estimated that 50 percent of the net proceeds will be in the <br />$120,000-$130,000 range. It has been previously stated that <br />staff would recommend that the other 50 percent of the net <br />proceeds be dedicated toward economic development <br />activities. <br /> <br />Oak Knoll Soccer Fields acquisition from the School District for <br />$50,000 (from the park dedication fund) - This issue has been <br />discussed in general terms with the City Council at a number of <br />previous meetings. A draft purchase agreement is being <br />reviewed by out city attorney and I would hke to obtain City <br />Council approval to sign and enter into this purchase agreement <br />contingent upon the city attorney's approval of the purchase <br />agreement document. I would hke to have this issue resolved <br />and completed prior to our joint meeting with the School Board <br />on April 6, 1998. As you can see from the attached map, the <br />concept has not changed since discussed a number of months <br />ago. Two pieces of property (Lot i and Outlot B) are going to be <br />exchanged between the city and the school district and the city <br />is going to purchase (Lot 3) shghtly more than 4 acres from the <br />school district. This property is where the soccer fields are <br />currently located. The value of the property is estimated to be <br />in the $15,000 per acre range. From this price we are <br />deducting the school reimbursement to the city for its labor, <br />equipment, and materials that was spent to develop the one <br />soccer field that is being taken out of use. This brings us to the <br />$50,000 total price. <br /> <br />Design work in 1998 for the Highway 169 pedestrian bridge for <br />construction in 1999 - Possible total federal funding through the <br />efforts of Congressman Oberstar or the city will use the partial <br />state funding that is being provided through the ISTEA <br />program. <br /> <br />Update on Street Projects including: <br />· Business Center Drive (to the west side of the Government <br /> Center) - city cost of approximately $40,000 for trunk water <br /> and lateral sewer <br /> <br /> <br />