04-12-2004 Council Packet - Laserfiche WebLink

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"•‘V >•44 1 •1 A ^ 'I > - ^ - Th& aqreercr.t is as rollo'.?: "otal Pr-cc: S2?.GC0 S 9.0C0 Dc.-.'n 513,303 in three oayrents over a three-year period 1st Year - 54,333 - interest on '13,0GC = 55,373 2nd Year - 54,333 3". on 55,567 = S5.n25.35 3rd Year - $4,334 + C:; or, $4,334 * i4,*EC Total Cost = S?2,'J0C ^ S2,C53.03 interest » S24,C83.C3 The seller agrees to pay the 1973 taxes (d-.-e in 19'4); v/e would scssiMy have to pay the 1974 taxes in 1975 and 1975 taxes in 1976. These wov'.i be expected to be similar to the 1573 tax level of S265.0S, a relatively small amount and well within our capability. We received an appraisal f'^on f^r. rartin ’.••’alsh, Village Assesso**. on the fair value of the property. This appraisal is attached. As you will see, .'■ir. Walsn's actraised value of S?,50C/acre and cur agreed price of $2,522.9A/acre ar«"- essentially the seme and we believe, a fair value for both parties. The rrscurces to handle the acquisit’on ere as follows; Fees dedicated to park acquisition Residual rck funds similarly dedicated IncooTiitted 1974 acouis'tion funds (aoprox.) 5 4.CS3.5C 9,700.00 5,000.CO TCT:l $13,753.50 As you can see, the 1974 down payment and the first year's paymar.t can be readily handled with dedicated fu^'ds. 'We can therefore centi^u'" to plan to meet all normal obligations fer 1974 and 1975 within our regular operating budget. The 1976 and 1977 pa.vmerts, P'*esuming our capital expenditure buccet item remained at its current $10,GC*C year, is obviously within our canability. We would also expect that additional fees dedicated to acquisition will be paid in to the budget and may be used. Pctentiel 'jses .As \e have proviously stated, we recco’-ire the prir-ary objective of the Oronc Par*; CcT'missicn tc be acouisiticn of a suitable park land within the city for future cevelocrnsr.:. We further recognize the need for a reascnably definitive plan fc- tne City of Oronc. for parks, ircludinq number, size, location and use. Tr;si' •i-' Cii;.,!' 7\l Vy«v/7 .. ,;<v. f 4' ■ t ]b Via"4. ( * ■’.*‘ x