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N <br />. . . ........ . ..... <br />To <br />Item Number <br />Mayor and CNZ C <br />i�ouncil =4,. <br />4' <br />Agenda Section <br />Meeting Date <br />Prepared by <br />Consent <br />August 7, 2017 <br />Amanda Othoudt, Econorimic Development <br />Director <br />Item Description <br />Reviewed by <br />Approve Purchase Agreements for 706 Quinn and <br />Ca] Portner, Cit)r Administrator <br />709 Proctor <br />Reviewed by <br />Action Requested <br />Approve, by motion, the purchase agreements for 706 Quinn Avenue NW and 709 Proctor Avenuc NW <br />Background/Discussion <br />In conjunction with thcTruck Shop project and the creation of the redcvclopmcnt'I'll District, staff has <br />finalized the purchase agrcenients for 706 Quinn Avenue and 709 Proctor Avenue NW. <br />The drafted purchase agreernents reflect the purchase of 706 Quinn Avenue for $282,500 with the clt%l <br />paying all closing costs. <br />The city-,,7fll purchase 709 Proctor for 5275,000 plus an additional $37,240 in storage and i-noving <br />Thc city will pay all closing costs. The ci" will enter into a lc,,.tscback agreement with the sellers <br />expenses. , 1 7 wil 1 <br />at closing to use the house on the property until September 15, 2017, and the shop on the property° until <br />Novcinber 1, 2017. Possession of the undeveloped portion of the property will be delic%,crd to the city at <br />closing. <br />Financial Impact <br />Flarnest money of $1,000 for 706 Guinn and $1,000 in earnest money foi- 709 Proctor to be deposited <br />with Sherburne C;ounty Abstract and 'fitle. <br />Attachments <br />Purchase Agreement for 709 Proctor Avenue NW <br />Purchase Agreement for 706 Quinn Avenue NW <br />p 0 W �f �fiflovoEy <br />NATURE <br />