HomeMy WebLinkAboutAgenda Report - May 2, 1990 (31)CL_'NCIL
M THE CITY CJLtqQ.,
FROM: THE QTY MANAGER'S OFFICE
C0MMUNICA..►ION
CJLtqQ., NEE11% DATE
MAY 2,1990
SUBJECT AGREEMENT FOR PURCHASE OF PROPERTY AT 217 WEST ELM STREET
PREPARED BY:
City Manager
RECOMMENDED ACMThat the City Council authorize the City Manager to
execute the appropriate documents to complete the
acquisition for the City of the property at 217 W.
Elm Street.
BACKGROUND r41JRMAIM Consistent with the Ci ty's long-range property
acquisition program in the 200 and 300 blocks on the
north side of W. Elm Street, staff has negotiated the
purchase of thero erty at 217 W. Elm Street owned
by Harold and Marie Baker at the price of �AO,000. The amount is in accordance
with City Council direction. For the foreseeable future, the property will
serve to house the expansion of Fire Department operations.
It is recommended that this acquisition be funded with a loan from the Rate
Stabilization Fund to be repaid in equal payments with interest over a period of
five years,
Respectfully submitted,
Thomas A. Peterson
City Manager
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