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I <br />REQUEST FOR COUNCIL ACTION <br />DATE: October 25, 1999 <br />ITEM NO; <br />Department Approval: <br />Name RonMoorsc <br />Thie Citv Administrator <br />Administrator Reviewed:Agenda Section: <br />City Administrator's <br />Report <br />Item Description: Purchase of Property at 3790 Shoreline Drive for Use as Park Land <br />The Council has authorized the Mayor and City Administrator to pursue the purchase of an <br />approximately 2.5 acre parcel at 3790 Shoreline Drive from Paul and Kathleen Larson for use as <br />park land. A purchase agreement has now been worked out and has been signed by the sellers. <br />Authorization of the Mayor a J/or City Administrator to sign the purchase agreement is now <br />necessary to move the transaction ahead. A copy of the purchase agreement and addendum is <br />attached. <br />The major items of the purchase agreement are as follows: <br />Price; $160,000 <br />Closing Date; December 21, 1999 <br />Termination of Purchase Agreement; If the buyer determines at its sole discretion <br />that the results of an inspection of the property, including an environmental revie‘4', <br />are not satisfactory, it may terminate the purchase agreement. <br />Fvmdiog <br />The Park Fund does not currently have sufficient funds for the purchase of the property. Staff <br />recommends the purchase be funded from the Building Outlay Fund. <br />COUNCIL ACTION REQUESTED: <br />Motion to authorize the Mayor and/or City Administrator to sign the purchase agreement for the <br />purchase of property at 3790 Shoreline Drive at a cost of $160,000 with funding from the Building <br />Outlay Fund, and to amend the 1999 Building Outlay Funa budget to reflect the expenditure.