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EGty1� ,.,�� Request for Action <br /> River <br /> To Item Number <br /> Mayor and City Council 4.7 <br /> Agenda Section Meeting Date Prepared by <br /> Consent December 19, 2016 Amanda Othoudt,EDD <br /> Item Description Reviewed by <br /> Purchase Agreement Amendment between E&R Cal Portner, City Administrator <br /> Investments,LLC and the City of Elk River Reviewed by <br /> Action Requested <br /> 1. Approve,by motion, an amendment to the purchase agreement between the City of Elk River <br /> and E&R Investments,LLC for the purchase of real property located at the intersections of <br /> Highway 10,Joplin Avenue and Business Center Drive. <br /> 2. Adopt,by motion, a resolution authorizing conveyance of several properties located at the <br /> southeast corner of US HWY 10 and Joplin Street. <br /> Background/Discussion <br /> On November 2, 2015, the City Council approved the sale of real property located at the intersections of <br /> Highway 10,Joplin Avenue and Business Center Drive to E&R Investments,LLC. <br /> The developer is proposing up to three commercial/retail buildings on the site. Staff continues to work <br /> through some of the details leading up to a December 291h closing on the Joplin Property project with <br /> Ebert Construction. <br /> An amendment to the purchase agreement addresses the revised legal descriptions in order to provide <br /> additional right-of-way for Business Center Drive to be retained by the city. <br /> Financial Impact <br /> None <br /> Attachments <br /> ■ City Council Staff Report dated November 2,2015 <br /> ■ Executed Purchase Agreement between the city of Elk River and E&R Investments <br /> ■ Purchase Agreement Amendment between the city of Elk River and E&R Investments,LLC <br /> ■ Resolution <br /> ■ Exhibit A <br /> ■ Exhibit B (distributed Monday) <br /> POWERED 6T <br /> Template Updoted 4/14 INAWRE1 <br />