8.5. SR 01-09-1995 - Laserfiche WebLink

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. structures in this subdivision. Regarding these quality control issues, Mr. Foster desired approval of the site plan (building location, loading areas, outside storage areas, etc.) landscaping plan, and building exterior design finishes, color and materials. While Mr. Foster will have approval of these items, he cannot unreasonably withhold approval or deny the City's requests. This condition would remain in place for any other owner if we would sell this property. The City is planning on purchasing just over one acre ofland from Mr. Foster. The area is approximately 50,885 square feet, of which there is a sign easement over approximately 4,000 square feet. This sign easement covers the very northern tip ofthis property and does not affect any City building plans. Lot 1, Block 1, is of a slightly irregular shape and a sign location at this vicinity and an easement over this part of the property is not a significant concern. The City eventually may have some of our signage on this structure. . Most ofthe financial discussions with Mr. Foster have been targeted toward the SuperAmerica site directly south of this property. When taking into consideration the expenses SuperAmerica had for public improvements (streets, sewer, water, street signal, etc.) and for the raw land, it totaled $7.59 per square foot. This is the exact same price that we have agreed to with Mr. Foster for the purchase of Lot 1, Block 1. Seven dollars and fifty nine cents a square foot for 50,885 square feet equals $386,217.15. A number of factors came into play whereby this number could have been increased and some other factors came into play whereby this number could have been decreased. Overall, I feel comfortable that this is a fair market price. Once again, there is no timetable for the City to relocate its liquor store. There is no desire on my part or the Liquor Store Manager's part to relocate immediately. We only plan on relocating when and if it becomes necessary due to factors affecting the sales at the current Northbound site. The purchase ofthis lot with liquor store funds is more or less an insurance policy to protect our liquor enterprise fund. Recommendation Staff recommends the City Council approve the purchase of Lot 1, Block 1, in the amount of $386,217.15 with the understanding that Mr. Foster will have some quality control over any future structure on this site, and with the understanding that there is a sign easement over the very northern tip of this property. If this motion is approved, staffwill then proceed with finalizing a purchase agreement for signatures by the Mayor and myself. .