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�j <br /> Elk = - Request for Action <br /> River <br /> To Item Number <br /> Mayor and City Council 4.9 <br /> Agenda Section Meeting Date Prepared by <br /> Consent June 1, 2015 Zack Carlton,Planner I <br /> Item Description Reviewed by <br /> Authorize Purchase of Lot 4,Block 1, Mississippi Cal Portner, City Administrator <br /> Ridge 2nd Addition (Yale Court) Reviewed by <br /> Action Requested <br /> Adopt, by resolution, the purchase of Lot 4, Block 1, Mississippi Ridge 2nd Addition and direct staff to <br /> execute the purchase agreement. <br /> Background/Discussion <br /> The city has agreed to terms with Cornerstone Elk River, LLC for the purchase of Lot 4,Block 1, <br /> Mississippi Ridge 2nd Addition. The city is acquiring the property to allow for a roadway connection <br /> between Yale Court and Yale Street. <br /> The purchase furthers the transportation goals identified in the Comprehensive and Focused Area Study <br /> plans, and is a key step in the planned street network south of 1715`Ave. NW. The street will connect <br /> with a frontage road along Hwy 169 and continue to a planned signalized intersection at Twin Lakes <br /> Road and Hwy 169. <br /> On May 26, 2015, the Planning Commission adopted a resolution finding the purchase is consistent with <br /> the Comprehensive Plan. The resolution was required before the city can execute a purchase agreement. <br /> Financial Impact <br /> The city has agreed to a purchase price of$185,000. <br /> Attachments <br /> • Resolution Approving Acquisition <br /> • Draft Purchase Agreement <br /> • Planning Commission Resolution <br /> P0WIeEa 0 <br /> Template Updated 4/14 INAWREJ <br />