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<br /> <br />Request for Action <br /> <br /> <br />To Item Number <br /> <br />Mayor and City Council 4.6 <br />Agenda Section Meeting Date Prepared by <br /> <br />ConsentAugust 21, 2017Colleen Eddy, Economic Development Specialist <br />Item Description Reviewed by <br /> <br />Purchase Agreement for 706 Quinn Avenue Cal Portner, City Administrator <br />Reviewed by <br /> <br /> <br />Action Requested <br /> <br />Approve, by motion, the purchase agreement for 706 Quinn Avenue NW. <br /> <br />Background/Discussion <br /> <br />At the August 7, 2017, meeting, Council approved a Purchase Agreement for 706 Quinn Avenue NW. <br /> <br />After approval, the seller, Quinn Avenue LLC, requested a couple revisions to the document, including <br />but not limited to, items under, Condemnation, Legal Compliance, and Leases. The revisions have little <br />impact to the city and address the tenant’s lease termination. The Purchase Agreement is in conjunction <br />with the Truck Stop project and the creation of the redevelopment TIF district. <br /> <br />Financial Impact <br />Earnest money of $1,000 for 706 Quinn, to be deposited with Sherburne County Abstract and Title. <br /> <br />Attachments <br /> <br /> <br /> <br />Redline Copy of Agreement <br /> <br /> <br />Final Agreement <br />The Elk River Vision <br />A welcoming community with revolutionary and spirited resourcefulness, exceptional <br />service, and community engagement that encourages and inspires prosperity <br /> <br />