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ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY <br /> • <br /> MEMORANDUM <br /> TO: Economic Development.Authority <br /> FROM: Paul T. Steinman, Director of Economic <br /> Development <br /> DATE: May 21, 1999 <br /> SUBJECT: Special Meeting for Consideration of <br /> Kirkeide Purchase <br /> The Kirkeides have verbally agreed to a purchase price of$224,000. At the <br /> last EDA meeting it was discussed that the city/EDA's final offer would be <br /> $220,000. Staff is prepared to recommend proceeding with the purchase at a <br /> price of$224,000. The verbal agreement includes that the Kirkeides would <br /> vacate the property by July 1, 1999. <br /> • The property is currently undergoing a Phase I environmental investigation <br /> and if issues are discovered that require extra dollars in cleanup and/or <br /> demolition, such costs would be deducted from the final purchase price of the <br /> property. If there are environmental issues that cannot be discovered until <br /> demolition takes place on the property, then staff would recommend a certain <br /> percentage of the purchase price be escrowed until a final determination of <br /> these costs is available. <br /> Staff will provide additional information on this issue at the meeting. <br /> Additionally, Bud Storm of Evergreen Land Services and City Administrator <br /> Pat Klaers will be available to discuss this issue further. <br /> Please call me if you will be unable to attend this meeting. <br /> • <br /> 13065 Orono Parkway • P. O. Box 490 • Elk River, MN 55330-1743• (612) 441-7420 • Fax (612) 441-7425 <br /> Equal Opportunity Housing and Equal Opportunity Employment <br />