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Cass Property Page 2 <br /> October 30, 1995 <br /> • the $2586 per acre amount. This belief was in spite of the fact that Mr. Cass <br /> had offered the land to the city for $2650 per acre which was substantially <br /> lower than his original price of$3000 per acre. I was not successful in <br /> getting Mr. Cass to agree with our logic and accept the $2588 per acre <br /> amount, but I was successful in arranging an appropriate timing for payment <br /> of the property. Under the terms of the purchase agreement, the city will pay <br /> $10,000 earnest money in October (50 percent returnable if the project is not <br /> approved), an additional $50,000 at the end of December, 1995, and the <br /> balance of approximately $246,500 to be paid on March 15, 1996. The <br /> payment of the balance in March, with zero interest, will make the city a few <br /> thousand dollars based on the interest revenue we will derive from our <br /> investments on a quarter of a million dollars. Interest revenue for three <br /> months is roughly half the difference between the $2650 asking price and the <br /> $2586 average sales rate that was identified in the appraisal. <br /> In general terms, the city hopes to use approximately 25 acres of the site for <br /> the development of youth recreation fields and parking areas in the next few <br /> years. The fields would be located on the northwestern side of the property. <br /> This area is somewhat limited due to the location of the wetlands and the <br /> abandoned judicial ditch No. 1. Nonetheless, we should be able to get at <br /> least four soccer fields, four youth baseball fields, and parking space into this <br /> area. Also in 1996, we plan to designate approximately 40 acres of the site <br /> • for WWTP sludge disposal. Due again to the location of the wetlands and the <br /> abandoned judicial ditch No. 1., 30 of this 40 acres would be usable for <br /> disposal of sludge. This area is located in the southwest part of the property. <br /> Once this area has been fully utilized for sludge disposal, the land would <br /> then become available for the development of recreation fields. This would <br /> happen in about 15 to 20 years. Finally, most of the balance of the property <br /> in the northeastern part of the site is proposed to be platted and put on the <br /> market for single family home sites. This area is less usable for sludge <br /> purposes or recreation field purposes, and it is believed that residential sites <br /> could be marketed and sold in order to recapture some of the original <br /> purchase price of the property. (Only the north central part of this future <br /> residential area could be used for recreation fields if the approach to market <br /> residential sites is rejected by the City Council.) The balance of the property, <br /> approximately 10 acres south and east of the recreation fields, would be <br /> retained by the city as wetlands. <br /> If this project moves forward, approximately eight recreational fields will <br /> immediately be developed. Additionally, sludge land is available for eight <br /> more fields in 15 to 20 years. Finally, there is sludge land immediately north <br /> of this site that also will have reached its maximum usage in 15 or 20 years <br /> that also could then be developed into recreation fields. This availability of <br /> • land could give the city an active athletic complex of approximately 25 fields <br /> that could meet our long term needs as a community. Again, this area would <br />