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REQUEST FOR ACTION <br />To Item Number <br />Ci Council 5.2.A <br />Agenda Section Meeting Date Prepared by <br />Worksession September 10, 2007 Bill Maertz, Parks and Recreation <br /> Director <br />Item Description Reviewed by <br />Malmstrom Property Purchase Agreement Lori ohnson, Ci Administrator <br /> Reviewed by <br />Action Requested <br />Request approval of Malmstrom property purchase agreement. <br />Background/Discussion <br />The City Council approved the purchase of an 18-acre parcel of land owned by the Malmstrom family as <br />part of the 2007 park dedication budget. This parcel is adjacent to Woodland Trails and connects the <br />Ridgewood and Brentwood neighborhoods to Woodland Trails Park. In addition it serves as a buffer <br />from land uses to the north. <br />After the Council approved this purchase it came to light that the gravel mine to the north would need <br />more land for a buffer. A revised 14.79 acre parcel was created which allows for this buffer and reduces <br />the overall purchase price. In addition, due to budget limitations, staff is recommending crediting the <br />Malmstroms park dedication fox ten future residential lots in exchange for a price reduction of $33,000. <br />Financial Impact <br />See attached payment schedule. <br />Attachments <br />^ Payment Schedule <br />^ Parcel Exhibit <br />^ Purchase Agreement <br />^ Site Location Map <br />Action Motion by Second by Vote <br />Follow Up <br />C:\Documents and Settings\jmiller\Local Settings\Temporary Internet Files\OLK3E\Malmstron 5 2 A Action Request (2).doc <br />