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<br /> <br />City of Elk River <br />REQUEST FOR COUNCIL ACTION <br />Agenda Section Meeting Date <br />Administration March 20, 2006 <br />Item Description <br />Pinewood Purchase A eement <br /> <br />Item Number <br />7.3.A. <br /> <br />Prepared by <br />Lori ohnson, Ci Administrator <br />Reviewed by <br /> <br />Introduction <br />Charlie Wilson, Gray, Plant, & Mooty, will give an update on the Pinewood Purchase Agreement that was <br />distributed at last week's meeting. <br /> <br />Discussion <br />Mr. Wilson will address the covenant issue as well as provide an update on the comments from Mr. <br />Krause on the Purchase Agreement. <br /> <br />FinanciallmDact <br />As previously discussed, $1,800,000 plus interest and lease payments. The Council has not made a final <br />decision on financing sources for this purchase. The Parks and Recreation Commission has submitted a <br />letter stating the Commission's position on the ftnancing and would like to be present when the financing <br />discussion takes place. <br /> <br />Attachments <br />Letter from Dawn Polston-Hork, Parks and Recreation Commission Chair. <br /> <br />Action Reauested <br />Receive input from Mr. Wilson and consider Purchase Agreement if covenant issue is resolved. <br /> <br />Council Action <br /> <br />Motion by _ <br /> <br />Second by _ <br /> <br />Vote <br /> <br />Follow Up <br /> <br />S:\Council\Lori\2006\Pinewood Purchase Agreement 2.doc <br />