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REQUEST FOR ACTION <br />TO <br />ITEM NUMBER <br />City Council <br />4.4 <br />AGENDA SECTION <br />MEETING DATE <br />PREPARED BY <br />Consent <br />November 19, 2012 <br />Cal Portner, City Administrator <br />ITEM DESCRIPTION <br />REVIEWED By <br />Approve Bailey Point Purchase <br />REVIEWED BY <br />ACTION REQUESTED <br />Approve by motion the purchase of the Bailey Point Property. <br />BACKGROUND /DISCUSSION <br />All parties have concluded discussions and are ready to close on the purchase of Bailey Point from John <br />and Nancy Babcock. <br />At the November 5, 2012, regular meeting, the City Council approved the execution of the purchase <br />agreement, easement, and access agreement. <br />The DNR grant requires the property be open to the public within one year of the purchase and to be <br />properly signed for public use. The Park and Recreation Department has budgeted funding for 2013 to <br />ensure the park is open as a passive use public park within the required parameters. <br />FINANCIAL IMPACT <br />The total negotiated purchase price includes funding from the Minnesota Land Trust for the overlay of a <br />conservation easement, and $99,150 plus closing costs from the city, of which $39,000 will be reimbursed <br />in the form of a grant from the DNR. The city portion includes $20,592 of mitigation reserve required <br />for the development of the Boys and Girls Club building, which must be repaid to receive the grant. The <br />remaining city funding will be paid from the GRE Reserve Fund. <br />ATTACHMENTS <br />■ N/A <br />Action Motion by Second by Vote <br />Follow Up <br />RwERER iE r <br />N: \Public Bodies \City Council\Council RCA \Agenda Packet \11 -19- 2012 \Bailey Point Purchase.docx <br />[INATUR <br />