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<br />rei ---'\) <br />( ); <br />!li{ <br /> <br />** ITEM 3.6. ** <br /> <br /> <br />MEMORANDUM <br /> <br />TO: Mayor & City Council <br /> <br />~ROM: <br /> <br />Paul Steinman, Director of Economic <br />Development <br /> <br />DATE: <br /> <br />September 13,1999 <br /> <br />SUBJECT: Consider Action to Cancel the Offer of <br />Sale of Land to Denny's Restaurant <br /> <br />Approximately a month ago, staff mailed a check back to the franchisee of the <br />Denny's Restaurant which was earnest money for the lot at Holt and Jackson <br />Street. Staff also mailed with this check the copies of the unexecuted purchase <br />agreement for this land. As you recall, the council approved the sale of this lot for a <br />Denny's Restaurant. The potential buyer has taken no action on proceeding with <br />the project since that council meeting, and therefore staff concluded that there was <br />no longer interest in pursuing the purchase of this lot. <br /> <br />. <br /> <br />Recommendation <br /> <br />Staff recommends the council formally cancel the offer to sell this lot for a Denny's <br />Restaurant. <br /> <br />. <br /> <br />13065 Orono Parkway · P.O. Box 490 · Elk River, MN 55330. TDD & Phone: (612) 441-7420. Fax: (612) 441-7425 <br />