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EGty1� ,.,�� Request for Action <br /> River <br /> To Item Number <br /> Mayor and City Council 4.8 <br /> Agenda Section Meeting Date Prepared by <br /> Consent August 5, 2019 Cal Portner, City Administrator <br /> Item Description Reviewed by <br /> First Amendment to Settlement Agreement- Dryer Peter Beck, City Attorney <br /> Reviewed by <br /> Jared Shepherd,Legal Counsel <br /> Action Requested <br /> Adopt,by motion, the first amendment to the settlement agreement with John and Elaine Dryer. <br /> Background/Discussion <br /> On July 1, 2019, the City Council approved a settlement agreement with John and Elaine Dryer regarding <br /> a lawsuit they had filed against the City of Elk River and SNL Properties. <br /> We were advised by their representation that their bank cannot complete the loan facility necessary to <br /> close on the property until sometime in August due to a high number of re-financings. They did receive a <br /> financing approval letter last month so the delay is solely on the bank. <br /> Our legal counsel suggested we continue with the right of way removal since it is contingent on a closing <br /> and continue with the boundary adjustment application so it is ready for approval upon closing and have <br /> the closing company complete title work so closing can occur immediately upon the bank's completion of <br /> the loan facility. <br /> The Dryers and SNL Properties have executed this first amendment and are awaiting Council approval. <br /> Financial Impact <br /> N/A <br /> Attachments <br /> ■ Amendment <br /> The Elk River Vision <br /> A PehoMing community 2a itb revolutionary and spirited resourcefulness, exceptional POWERED By <br /> service, and community engagement that encourages and inspires prosperity INAMIRE1 <br />