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<br />r(/ -\) <br />( ~ <br />. <br />City of lY <br />Elk <br /> <br /> <br />Item #4.7. <br /> <br />MEMORANDUM <br /> <br />TO: <br /> <br />Mayor & City Council <br /> <br />Pat KIaers, City AdJ:}~tor <br /> <br />December 11, 2000 ~ <br /> <br />FROM: <br /> <br />DATE: <br /> <br />SUBJECT: Review Appraisal for Residential Property Next to the <br />Library <br /> <br />. <br /> <br />The City Council has reviewed and discussed obtaining properties to the west <br />of the library and its parking lot for future expansion of the building and <br />parking lot. To this end, the city has had an appraisal completed on the <br />Bailey home as we understand that Mrs. Bailey may be interested in working <br />out a purchase agreement with the city. As the city has no immediate plans <br />for expansion, a purchase agreement can take many different forms, <br />including the city purchasing the property now and allowing Mrs. Bailey to <br />continue staying in her home for xxxx length of time. The total purchase price <br />and how the city finances the acquisition depends upon the purchase <br />agreement structure. <br /> <br />Jerry Smith of White Dove Appraisals completed the appraisal for this <br />property. Mr. Smith will be in attendance at this meeting to explain the <br />appraisal and to answer questions from the council. <br /> <br />The city will be able to afford this acquisition. Lori and I can explain how this <br />can be accomplished after a purchase agreement is structured. Financing <br />options include increasing the amount of landfill revenue that is dedicated <br />toward library debt and/or increasing the library tax levy. The current library <br />expansion bond goes until 2007 and has a balance due of $206,000. <br /> <br />. <br /> <br />This Bailey property is anticipated to be needed for the expansion of the <br />parking lot. In order for the library expansion to take place, the city also <br />needs to purchase the property directly west of the building. This homeowner <br />has not yet been approached, but the library/city and this homeowner are on <br />good terms and we experienced no difficulties in working with this <br />homeowner during the most recent library expansion. Even without having <br />any certainty as to when and how we can purchase this property west of the <br /> <br />13065 Orono Parkway · P.O. Box 490 · Elk River, MN 55330. TDD & Phone (763) 441-7420 · Fax (763) 441-7425 <br />