4.2.
CC Special Session
- Meeting Date:
- 03/08/2011
- By:
- Jo Thieling, Administrative Services
Title:
Consider Bialon RALF Purchase Agreement/Lease Agreement Terms
Background:
The City Council approved the RALF Purchase Agreement of two vacant lots located at 7751 Highway 10 in the fall of 2010. As a condition of closing on the Purchase Agreement, the Seller, Mr. Bialon, requires a lease back of the two vacant lots purchased, which he believes are essential to the operation of his car sales business on his third lot which the City is not purchasing. The City Council discussed the lease terms in September 2010, and gave some direction. Staff has been negotiating through Mr. Bialon’s attorney on the lease terms required by Mr. Bialon. Staff will present those terms to the Council and requests Council to determine if the terms are acceptable and consistent with the Council’s September 7, 2010 direction.
Recommendation:
Staff recommends closing on the approved Purchase Agreement if the lease-back terms are agreeable to the City Council.
Funding Source:
N/A
Council Action:
Based upon discussion.
Attachments
Form Review
| Inbox | Reviewed By | Date |
|---|---|---|
| Kurt Ulrich | Kurt Ulrich | 03/03/2011 04:49 PM |
- Form Started By:
- Jo Thieling
- Started On:
- 03/03/2011 11:52 AM
- Final Approval Date:
- 03/03/2011