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4.6. SR 08-02-2021
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4.6. SR 08-02-2021
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<br />Request for Action <br /> <br /> <br /> <br /> <br /> <br />To Item Number <br />Mayor and City Council 4.6 <br />Agenda Section Meeting Date Prepared by <br />Consent August 2, 2021 Cal Portner, City Administrator <br />Item Description Reviewed by <br />Addendum to Purchase Agreement First Step <br />Preschool <br />Reviewed by <br /> <br /> <br />Action Requested <br />Approve, by motion, the attached addendum to the Purchase Agreement with First Step Preschool. <br /> <br />Background/Discussion <br />The City Council has approved a purchase agreement from First Step Preschool for the former Activity Center <br />Building at 413 Proctor Avenue NW. <br /> <br />Closing on the property has been delayed as improvements to the water system and testing are implemented. The <br />final improvements have been completed and the water system has tested to be in compliance with state and <br />federal regulations. <br /> <br />The addendum extends the due diligence period to complete the sale closing process. Because the buyer is <br />utilizing a U.S. Small Business Administration loan, a follow-up water test will be completed in 60 days. The <br />addendum includes a not-to-exceed cap of additional improvements to ensure compliance. <br /> <br />Financial Impact <br />N/A <br /> <br />Mission/Policy/Goal <br />The Elk River Mission <br /> <br />Attachments <br /> Purchase Agreement Addendum <br /> <br /> <br />The Elk River Vision <br />A welcoming community with revolutionary and spirited resourcefulness, exceptional <br /> <br />service, and community engagement that encourages and inspires prosperity. <br /> Updated: August 2020 <br />
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