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TO: <br />FROM: <br />DATE: <br />Mayor and City Council <br />Ron Moorsc, City Administrator <br />March 18, 1993 <br />SUBJECT: Release of Escrow Amount Related to Resolution of v>ity <br />Facilities Land Ownership Legal Issues <br />The agreement for the purchase of the lan-^ for the new city <br />facilities included the escrowing of $75,000 of the purchase price <br />for potential use in resolving a dispute over the ownership of the <br />property. A development group which had purchased an option on the <br />property had sued the former property owner, taking the position <br />that their option had not lapsed at the time the land was sold to <br />the city. The District Court found in favor of the property owner. <br />This decision was upheld at the Appellate Court. The time period <br />for further appeal to the Supreme Court has now run out. The City <br />Attorney has suggested that because the ownership issue is iiow <br />resolved the City can release the $75,000 from escrow.