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5.10. SR 10-30-1995r `~ ITEM 5.3.0... ~~ ^ity of ~ MEMORANDUM lk ~ TO: Mayor & City Council Rover FROM: Pat Klaers, City A i trator DATE:. October 30, 1995 SUBJECT:. Cass Property The city has had along-standing goal of obtaining land and developing an active recreation field complex. The focus has mainly been on youth fields for soccer and baseball, but the need also includes adult softball. Another different goal of the city that relates to this proposal is the ultimate need to obtain more land for the disposal of Wastewater Treatment Plant (WWTP) sludge material. The city has been looking for suitable land for the development of youth recreation fields for a number of years and the city has basically been unsuccessful in its attempts to locate available land. In the last year or so, the Jack Cass property has become available, and this land appears to meet our needs for the future development of youth recreation fields and for providing additional land for the disposal of WWTP sludge. The property under evaluation is 115.65 acres in the southeast part of the community. This land is directly south of the 120 acres that the city obtained a few years ago for the disposal of WWTP sludge. It is believed that this site will be outside of the ultimate city sewer and water district and that Elk River municipal utilities may very well never reach this property. (Please see the attached maps.) The City Council reviewed this proposed land purchase at its 9/25/95 meeting and directed me to pursue a purchase agreement for its consideration. The proposed purchase agreement (see attachment) calls for the land to be purchased for $2650 per acre or $306,472.50. This price is 6 percent higher than the $2500 per acre market value opinion that is in the appraisal that the city had completed for this property. This price is also about 2.47 percent above the average of the adjusted sales rate of $2586 per acre that was used to determine the recommended value. This appraisal was completed by Riverside Appraisals i.n July, 1995. I had very little chance of getting Mr. Cass to accept the $2500 per acre • amount, but I believed I had a reasonable chance to get Mr. Cass to accept 13065 Orono Parkway • P.O. Box 490 • Elk River, MN 55330 • (612) 441-7420 • Fax: (612) 441-7425 Cass Property Page 2 October 30, 1995 the $2586 per acre amount. This belief was in spite of the fact that Mr. Cass • had offered the land to the city for $2650 per acre which was substantially lower than his original price of $3000 per acre. I was not successful in getting Mr. Cass to agree with our logic and accept the $2588 per acre amount, but I was successful in arranging an appropriate timing for payment of the property. Under the terms of the purchase agreement, the city will pay $10,000 earnest money in October (50 percent returnable if the project is not approved), an additional $50,000 at the end of December, 1995, and the balance of approximately $246,500 to be paid on March 15, 1996. The payment of the balance in March, with zero interest, will make the city a few thousand dollars based on the interest revenue we will derive from our investments on a quarter of a million dollars. Interest revenue for three months is roughly half the difference between the $2650 asking price and the $2586 average sales rate that was identified in the appraisal. In general terms, the city hopes to use approximately 25 acres of the site for the development of youth recreation fields and parking areas in the next few years. The fields would be located on the northwestern side of the property. This area is somewhat limited due to the location of the wetlands and the abandoned judicial ditch No. 1. Nonetheless, we should be able to get at least four soccer fields, four youth baseball fields, and parking space into this area. Also in 1996, we plan to designate approximately 40 acres of the site for WWTP sludge disposal. Due again to the location of the wetlands and the abandoned judicial ditch No. 1., 30 of this 40 acres would be usable for disposal of sludge. This area is located in the southwest part of the property. Once this area has been fully utilized for sludge disposal, the land would then become available for the development of recreation fields. This would happen in about 15 to 20 years. Finally, most of the balance of the property in the northeastern part of the site is proposed to be platted and put on the market for single family home sites. This area is less usable for sludge purposes or recreation field purposes, and it is believed that residential sites could be marketed and sold in order to recapture some of the original purchase price of the property. (Only the north central part of this future residential area could be used for recreation fields if the approach to market residential sites is rejected by the City Council.) The balance of the property, approximately 10 acres south and east of the recreation fields, would be retained by the city as wetlands. If this project moves forward, approximately eight recreational fields will immediately be developed. Additionally, sludge land is available for eight more fields in 15 to 20 years. Finally, there is sludge land immediately north of this site that also will have reached its maximum usage in 15 or 20 years that also could then be developed into recreation fields. This availability of • land could give the city an active athletic complex of approximately 25 fields that could meet our long term needs as a community. Again, this area would Cass Property October 30, 1995 Page 3 be outside of the city sewer and water district and therefore would not be • taking prime real estate out of the tax base. An additional note about this area is that the draft long range transportation plan calls for anorth/south connector in the Jarvis and 165th location to hook up to Fillmore at 175th Avenue and eventually to County Road 12 and 13. This north/south link would make this area of the community much more easily accessible to all of our residents. If this approach for use of this property is accepted by the City Council., it is planned that the city would finance this purchase with WWTP funds, revenue from the future residential sites, and park dedication monies. Since the WWTP is going to use approximately 40 acres of the land for sludge purposes for 15 to 20 years, this department would pay the going rate or about $107,700 for this property. The city would then have to use some internal funds to finance the balance of the purchase, but would hope to recapture most of this approximately $200,000 through the selling of some residential building sites. An opinion by local real estate agent Mel Beaudry indicates that the city could recapture approximately $200,000 through the selling of six residential properties. This would be an approximately 7 acre residential site in the corner of Joplin and 165th, an approximately 14 acre site immediately south of this property, and for residential sites of . approximately 4 acres each along 165th, immediately west of the 7 acre site. All of these residential sites would touch on the abandoned judicial ditch and wetlands area and therefore limits the usability of this property for city .purposes. Please see the attached letter from Mr. Beaudry dated 8/28/95, and please note that the estimates for lot sizes are low as the total residential area exceeds 40 acres. With the selling of some land for residential lots and the funding from the WWTP, it appears that the city will recapture most of its purchase price. It may not recapture all of the expenses related to this project due to the cost to plat the property, sell the land, the environmental analysis, soil surveys, etc., and other work that has been and will need to be completed. Nonetheless, the actual outlay from the city's park dedication fund will be somewhat small for the obtaining of land for the development of recreation fields. The expenses related to the development of the recreation fields is another issue that needs to be explored and analyzed in detail if this project is to move forward. It is assumed that some of the development activities would be contracted out while some of the other development work would be completed by our city park and street crew. The funding for the development of the fields would have to come mainly from the park dedication fund, but could also come from the youth organizations that would be utilizing the fields. • Cass Property Page 4 October 30, 1995 ----------------------- The city has had soil borings and the soil analyzed for the future building • sites and every indication is that the six building sites are suitable for the construction of the home. The city has an appraisal and real estate opinion completed for this property. The city has a recommendation from the Park and Recreation Commission from its 4/19/95 meeting that supports this purchase. The city has had a wetlands analysis completed which shows that any wetlands impacted by this project can be mitigated on site. The city has had a phase one and phase two environmental audit completed for this property and it appears that there are no contaminants or environmental issues that would restrict the city's sue of this property. It should be noted that the city will request the residential lots to have deep wells constructed in order to minimize the nitrates that are in the soils from years and years of farming this area. The City Council should note the property that the city hopes to sell for real estate purposes is currently in the 2.5 acre residential zone of the city. This potentially could change with the adoption of the Comprehensive Plan update and with any zoning code or subdivision changes that may go along with the updated Comp Plan. Additionally, if this area is ultimately viewed as land that may be serviced by municipal sewer and water, this may change the scenario and the opinion of staff on the desirability of this transaction. If this project moves forward, the City Council ultimately would have to • approve a plat for this property that may include a service drive or common driveway easements in order to limit the access onto 165th. Additionally, the city may want to identify building location pads for the lots to be sold and/or the type of structures that could be constructed on the property. These are decisions for the future if this project moves forward. The same is true as to deciding whether or not the city should be the real estate agent selling these properties or if we should just contract this out to professionals in the industry and have them market and sell the sites for the city. There are many reasons for the city to move forward with this project including the need for recreation fields, the need for additional sludge land, and the need for the city to be creative financially so that it is not a burden on the taxpayers or any of our funds to pursue the development of recreation fields. Some reasons to not do this project include the concerns over the future zoning, lot size requirements, and sewer and water in this area. Also, there is a concern about the city getting into the real estate business, but it should be noted that this is not the primary purpose for this land acquisition, but simply a by-product that the city is going to take advantage of in order to recapture some of its expenditures. The City Council needs to make a preliminary decision as to whether or not we want to pursue this project. By authorizing the execution of the purchase • agreement, the city runs the risk of losing $5,000 if we do not finalize this Cass Property Page 5 October 30, 1995 ----------------------- purchase. If we enter into this purchase agreement, the land acquisition is • scheduled for a public hearing before the Planning Commission in November and the City Council on December 18, 1995. A public hearing for the acquisition of property by a municipality is required by state law. The City Council may dispense with this requirement if it finds by a two-third vote that the proposed acquisition has no relationship to the Comprehensive Plan. Following the scheduled December 18, 1995, City Council public hearing on this land acquisition, we will need to reach a final decision on whether or not this land acquisition and project is worth pursuing and finalizing. The purchase agreement calls for a decision and the exchange of funds on December 26 with the balance to be paid on March 15, 1996. Staff recommends approval of the project as discussed on 9/25/95 and as outlined above. • • a ~ ~ ~ s = u 'l 2C ~ ~ ~ p~ ~~ 4 9: ~ _ OOOZ 0001 O OOOI aucs', ° ~ ~~ r~ ~ ~ S axsi ~ aucs~ 9 '~ O` ~ ~ ~ ~~ IfiR gg rurs~ 7 ~' w,s~ ~ 8 9 ~ ~ ZfYO -99S (Z:9i S~QMa ~~D~ HLSGi 1` wSS~ ~n ~ 9laSS tl1053NNIW 'S flOdtl3NNIW SZZA 311f15 M18 tl1a ZAVM $LGS T1~1 w9t~ ~~`~~~ ~I ~, wesi !~ B 6Bfa-aa9 (ti9; ~Y ~ BOSS V10S3NN!W 'l^,Vd 1> l fry y; 3/~i2J.^. uG'bd .`_',li?ti] 3'.. w[9i - \~. ~ ~ - HLLGI Y ~ S w9si w9si ~ , d ~ ~ I weft _.~ ~ , - ~ weSi a ~ ~ rte' ^'~ ~y~ w091 V ~Sw ~ ML09~ ~'4 ~~^ W Tn 6~ ~~. y '. 15191 ~` 15191 I4, V ONL9: ~M9~. OMBi Q'~ OtK91 w.9. ss~~ ~°~ s, ~-9~-- x_ ,~ ant _ ~I~ wS9: __ _ __- _ _ _ - -. 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IV I/ L .>L_V i IUIV I J I `JLIV I ~LLJ . ~.. ~ I z'Y~:t ?.' r'i ~ : ~ <. ~~'f ~F ~r=+• ~: ~ . ~' a'F. 'a ~ ~~: ' ` ~ ,1ti _~ N;~:i~- ~; ~ ;~ - ~,. f S; 1 4 R ~' F.Rilf' / . t.. C 01~Z1VIERCIAIrIlV~DUSTRIAL PURC~'HASE AGREFIVIENT This Iprm aPpo+aC t„ tM Minneaodn Ales ASfOOata7n d REAL70RSa: Minnespde L T ~ R ~ Area As~OCiUOn d REAL7DRS' CiBdLirfS ~ iiadlnY irmnq twf d the a means d Mlt tarn. ElkRiver MN Oct.l7 ~ 95 RECEIVED OF City of ElkRiver the sum Of Ten Th rn~ G a n rl ~, n n f 1 0 0 ($ 10 , 0 0 0 )DOLLARS Check as earnest money and in part payment r"or the purchase of property icnxx. can or nae - sta¢ wrLUti at 9776 165th Ave. NW, ElkRiver, MN. situated in the County of Sherburne ,State of Minnesota, and legally described as follows: 3PID#as follows 75-013-1300 (34Acres) 75-013-4202(6.65 Acres) 75-013-1101 (75acres) total Acrage 115.65 Acres As per attached plot together with following personal property: Land Only all of which property the undersigned has this day sold to the Buyer for the sum of: ThreeHundred&SixThousand ourHundred Seventy(STwo&50/100 )DOLLARS, which the Buyer agrees to pay in the following manner: Earnest money 'r~erein paid Sip , B O..p and ~ S lL.; n n n ,cash, on n P ~ _ ~ ti , 1 ~ 9 5 ,the .date of closing and the balance of S 2 4 6 , 4 7 2. 5 0 by financing as shown on the attached addendum. contract f Deed on March 15th., 1996-"0"-Interest Balloon Payment 1. DEED/ivIARKETABLE TITLE: Subject to performance by the Buyer, the Seller agrees to execute and deliver a Contract f o r .Warranty Deed conveying marketable title to said premises subject only to the following exceptions: (a) Building and zoning laws, ordinances, State and Federal regulations. (b) Restrictions relating to use or improvement of the premises without effective forfeiture provision. (c) Reservation of any minerals or mineral rights to the State of Yiinnesota. (d) Utility and drainage easements which do not interfere with present improvements. (e) Rights of tenants as follows: 2. REAL ESTATE TAXES. Real estate taxes due and payable in the year of closing shall be prorated between Seller and Buyer on a calendar year basis to the actual date of closing unless otherwise provided in this Agreement. Real estate taxes payable in the years prior to closing shall be paid by .Seller. Real estate taxes payable in the years. subsequent to closing shall be paid by Buyer. 3. SPECIAL ASSESS'VIEiVTS. [Strike out one.J ~ / SELLER SHALL PAY on the date of closing all installments of special assessments certified for payment with the real estate taxes due and payable in the ear of closins. [Strike out one. /SELLER SHALL PAY ON DATE OF CLOSING all other special assessments levied as of the date of this Agreement. [Strike out one.J /SELLER SHALL PROVIDE FOR PAYi~1ENT OF special assessments pending as of the date of this Agreement for improvements that have been ordered by the Ciry Council or other governmental assessing authorities. (Seller's provision for payment shall be by payment into escrow of 1'f: times the estimated amount of the assessments,) If a special assessment becomes pending after the date of this Agreement and before the date of closing, Buyer may, at Buyer's option: (a) Assume payment of the pending special assessment without adjustment to the. purchase price; or (b) Require Seller to pay the pending special assessment (or escrow for payment of same a sum equal to lrf~ times the projected pending assessment) and Buyer shall pay a commensurate increase in the purchase price of the property, which increase shall be the same as the estimated amount of the assessment; or (c) Declare this Agreement null and void by notice to Seller, and earnest money shall be refunded to Buyer. ~PRORATIONS. All items customarily prorated and adjusted in connection with the closing of the sale of the property herein including but not limited to rents, operating expenses, interest on any debt assumed by Buyer, .shall be prorated as of the date of closing. It shall be assumed that the Buyer will own the property for the entire date of the closing. 5. DA.~tiL~GES TO REAL PROPERTY. If these is any loss or damage to the property between the date hereof and the date of closing, for any reason, the risk of loss shall be on the Seller. If the property is destroyed or substantially damaged before the closing, this Purchase . ~I co~lERCrAUnvDUSriuAL e PURCHASE AGREEMENT REALtOR~ • Address___9.7_Z6-165th Ave. NW E1kRive: Page ? 115.65 Acres Agreement shall become null and bid, at Buyer's option. Buyer shall have the right to terminate this Purchase Agreement within 30 days after Seller notifies Buyer of such damage. Upon said termination, the earnest money shall be refunded to Buyer and Buyer and Seller agree to sign a cancellation of purchase agreement. 6. EXAiV1IIVATION OF TITLE. Within a reasonable time after acceptance of this Agreement, Seller shall furnish Buyer with an Abstract of Tide or a Registered Property Abstract certified to date including proper searches covering bankruptcies and State and Federal judgments,. liens, -and levied and pending special assessments. Buyer shall have 10 business days after receipt of the Abstract of Tide or Registered Property Abstract either to have Buyer's attorney examine the title and provide Seller with written objections. or, at Buyer's own expense, to make an application for a title insurance policy and notify Seller of the appliacation. Buyer shall have 10 business days after receipt of the commitment for title insurance to provide Seller with a copy of the commitment and written objections. Buyer shall be deemed to have waived any title objections not made within the applicable 10 day period set forth above, except that this shall not .operate as a waiver of Seller's covenant to deliver a Warranty Deed, unless a Warranty Deed is not specified above. If any objection is so made., Seller shall have 10 business days from receipt of Buyer's written title objections to notify Buyer of Seller's intention to make title marketable within 120 days from Seller's receipt of such written objection. If notice is given, payments hereunder required shall be postponed pending correction of title, but upon correction of title and within 10 days after written notice to Buyer the patties shall perfottn this Purchase Agreement according to its terms. If no such notice is given or if notice is given but title is not corrected within the time provided for, this Purchase Agreement shall be null and void, at option of Buyer; neither pam shall be liable for damages hereunder to the other and earnest money shall be rentnded to Buyer; Buyer and Seller agree to sign cancellation of Purchase Agreement. If title to the property be found rarkeable or be so made within said time, and Buyer shall default in any of the agreements and continue in default for a period of 10 days, then and in that case the Seller may terminate this contract and on such termination all the payments made upon this contract shall be retained by Seller and anent, as their respective interests may appear, as liquidated damages, time being of the essence. This provision shall not deprive either~pany of the right to enforce the specifice performance of this contract provided this contract has not been terminated and provided action to enforce such specifrc performance shaIl be commenced within six months after such right of action shall arise. .POSSESSION. Seller shall deliver possession of the property on the date of closing. 8. REPRESFaV'TATIONS AI~'D WARRANTIES. Sze attached addendum. 9. TINIE IS OF THE ESSENCE FOR ALL PROVISIONS OF THIS CONTRACT. 10. WELL DISCLOSLI2E ST.-~TE:~NT. Buyer has received the well disclosure statement required by Minnesota Statutes Sec. 103I?35. BUYER A:vD SELLER IIVTTIAL: Buyer(s) Seller(s) ll. ADDE~ti'DA. Attached are (number) 2 addenda which are made a part of this Argreement. L. MISCELLANEOUS PROVISIONS. (a) Survival. All of the warranties, representations, and covenants of this Agreement shall survive and be enforceable after the closing. (b) Entire Agreement; Modification. This Agreement constitutes the complete agreement between the parties and supersedes any prior oral or written agreements between the parties regarding the property. There are no verbal agreements that change this Agreement and no waiver of any of iu terms will be effective unless in a writing executed by the parties. (c) Successors and Assigns. If this Agreement is assigned, all provisions of this Agreement shall be binding on successors and assigns. 13. ACCEPTANCE DEADLINE. This offer to purchase. unless accepted sooner, shall be null and void at ll:59 P.M. _. . and in such event all earnest money shall be refunded to Buyer. 14. AGENCY DISCLOSURE. Ca 1 Ladd ' cs<u;~s ,~~~ DISCLOSES HE OR SHE IS REPRESENTING THE ( Dua 1 Aaency ) IN THIS TRPu~1SACTION. THE LISTING AGE~~IT OR BROKER DISCLOSES THAT HE OR SHE IS REPRESENTIi tG THE SELLER IN THIS TRANSACTION. BUYER AND SELLER IlVITL4L: Buyer(s) Seller(s) THIS IS A LEGALLY BL~iDING CONTRACT. IF NOT UNDERSTOOD, SEEK COMPETENT ADVICE, Dated: _ ~LER Dated: BUYER SELLER BUYER SELLING AGENT Cal Ladd Burnet lAi OCR.?10 ~ ~ ~ FINANCLNG ADDENDUM ~~~ ~ ~ CONTRACT FOR DEED This form approved by the Minnesota Association of REALTORS®: Minnesota Association of REALTORS® disclaims any liability arising out of use or misuse of this form. 1. Date Oct ,1 ? , :~ `,~ ~ 1 2. Page of Pages 3. Addendum to Purchase Agreement betty en arties dated 1 Q `I 7 , 19 5 pertaining to the 4. purchase and sale of the property at ~ 7 ~6 - 16 5th -Ave . i36.' , El kRi ve r A:h . 5. ; 6. TYPE OF CONTRACT: 7. C~'ontract for Deed ^t^,ontract for Deed with Assumption of Financing (See attached Assumption Addendum) 8. CONTRACT TERMS: 9. Contract for Deed 10. $ 2 4 5.4 7 2. _ 5 nhy Minnesota Uniform Contract for Deed Blank, (a partial copy of standard clauses are on the reverse 11. side) between Seller and Buyer, payable in installments of $ see bela~r month or more at the option of the Buyer, 12. including interest at the rate of per cent per annum computed on unpaid balances. Interest shall begin on 13. .First payment shall be due and payable on ~$ r ch 15th , I ~ 9 6 14. and .subsequent payments shall be due and payable on day of each succeeding month. Payments shall be credited 15. first to interest and remainder to principal. The entire balance of this contract shall be due and payable in full no later than 16. Har chi S t rt ,19 S f The final payment. IS /cIS NOT a balloon payment. 17. Existing Mortgage(s)/CoMract(s) for Deed Not Being Assumed by Buyer and Not Being Paid Off: Qf not applicable, strike line ~7-2a.) 18. It is understood there is now a Mortgage(s) and/or CONTRACT FOR DEED encumbering said property which DOES /DOES NOT 19. have a due on sale clause, with an unpaid balance of approximately NOTE: If answer is DOES, Seek Com patent 20. $ by Mortgage(s) Legal Advice 21. $ by Contract(s) for Deed 22. which Mortgage(s) andbr Contract(s) for Deed Buyer does not assume nor agree to pay but which is to be paid according to its terms 23. by Seller. In the event Seller fails to make the required payments thereunder,. Buyer shall have the right to make said payments •24. and deduct all amounts paid from payments next due under this Contract for Deed. 25. Credit Approval: 26. Buyer shall furnish to Seller, for Seller's approval, a signed financial statement within 5 business days after acceptance of this Purchase 27. Agreement. Buyer authorizes Seller to conduct credit checks at Seller's expense. Buyer further agrees to sign documertts necessary 28. for Seller to obtain the financial information. Seller has days after receipt of the financial statement from Buyer to approve 29. Buyer. In the event Seller does not approve Buyer, Seller shall immediately notify Buyer in writing and this agreement shall be null 30. and void and earnest money shah be returned to Buyer; Buyer and Seller agree to sign cancellation of Purchase Agreement. 31. ADDITIONAL TERMS: 32. The Minnesota Uniform Contract for Deed shall contain the following ao~litional prcxrisions which are preceded by initials 33. of the undersigned Buyer and Seller. 34. Taxes and Insurance (select option(s) a-d); 35. ~ ~ a. Buyer to pay 1/12 taxes and insurance premiums to Seller each month in addition to the principal and 36. B"" &"~` ~°` ~ interest payments. Seller agrees to pay the real estate taxes and insurance premium as they become due. 37. ~~ ~. Buyer shall pay real estate taxes and hazard insurance premiums directly as they become due and furnish 38..-.~ ~ ~` .II ..; Seller with paid receipt of same. 39. ~ ___I~ c. Tax and insurance escrow: If the real estate taxes and hazard insurance premiums are included in the assumed 40. ~ ~` ~` ~` Mortgage payments, the Buyer shall pay said tax and insurance escrows to the Mortgagee. 41. ~ ~ d. Monies paid for non-homestead tax differential shall be held in escrow by until 42. ~` &"" ~` ~` payable to county treasurer. 43. Sale of Contract: 44. This agreement is contingent upon the sale of the Seller's interest in the above proposed Contract for Deed at no more than B~ ~r 45. a % discount on or before . If no written offer to purchase said Contract for Deed at the 46. above discount is received by Seller on or before the above date, Seller may declare this Purchase Agreement null and void 47. by written notice to Buyer and all earnest money shall be refunded to Buyer; Buyer and Seller agree to sign a cancellation 48. of Purchase Agreement. Seller, however, reserves the right to retain Contract for Deed whether or not a bona fide offer to purchase 49. is made and thereafter the closing shall proceed as provided herein. 50. Contract for Desd-Assumable with Seller Approval: 51. B;ayer's interest in the property is not transfer ble without first obtaining the written consent of Seller. Seller shall not unreasonably 52. B"ef ~` withhold consent. In the event Buyer violat~s this .provision, Contract for Deed shall be immediately due and .payable in full 53 tcx!:~th?r ',vitfl ?c~,-ue-1 i;lte~rno+. This nr~tisi r, does net :: ~p!y Po I asas, transiE~ s by d~ i e, del- nt, divorce or by ration of law 54. upon the death ®f a joint tenant. ~ 55. Seller Refinance: 56. ~ Seiler reserves the right to refinance at any time at Salle 's sole expense which shah not y its terms exceed the contl ct 57. ~ s~ balance at any time and Buyer agrees to sign then es ry papers. ~'S8:""""'"'""~ Furnishing of Labor or Materialsc I 59. I uyer shall not during the term of this contract, cause am 60. &"" ~'"°` f the property covered by this contract which exceeds tl 61. ~lnless Buyer-first obtains the written consent of Seller. Buy ` claims for labor and materials or services made against the 63. indemnification including reasonable attorneys' fees. 64. for further terms, use attached addendum. 65. (se«er) THIS IS A LEGALLY BINOtNG £ON7 IF YOU DESIRE LEGAL OR TAX ADVICE, 66. (Seller) (Date) 67. 6f3. MN:FACFD (5/88) BI1R X046 (11-91) ~I to be delivered or labor to be pertormed any of $ _ rr agrees to indemnify and held harmless Sell r again ~ covered by this. contract nd for the costs of nforcinc BETWEEN BUYERS AND SELLER . >ULT AN .APPROPRIATE PR©FESSI ;tiAL. Burnet Red ty Inc. all . FOR INFORMATIONAL PURPOSES ONLY THIS IS A~PARTIAL REPRINT OF MINMES CONTRACT FOR DEED BLANK WFtI H WILL SE USED AT CLOSfNG UNIFORM 69. 5. PREPAYMENT. Unless otherwise provided in this ~ntrect. Purchasers haft have the right fo fully or partialty pay this cornract at 70. penalty. Any partcal prepaymern shall be applied first to payment of amo nts then due under this contras, i luding unpaid accrue 71, the balance shalt be applied to the principal installments to be paid in he inverse order of their maturity. rtial prepayment shq :. th+3 due deft: of the instatimRnts to be paid pursuant to this cornract or c ar,g? the gr++.o;.-nt of ssch inf>..II!!me .. i 73. 7. PROPERTY INSURANCE. 74. (a )INSURED RISKS AND AMOUNT. Purchasers shall keep all buildin s, improvements and fixtures now or f ter located on or a p8 75. ty insured against loss by fire, extended coverage perils, vandalism, alicious mischief and. if applicable, steam boiler exptos 76. the amount of . If any of the buildings, imp ovements or fixtures are located in a federally designaf 77. area, and if flood insurance is available for that area, Purchasers shall rocure and maintain flood insuranc in amounts reason 78: to Setter 79. (b) UfHER TERMS. The insurance policy shall contain a loss payable louse in favor of Seller which prpvi s that Seller's right ti 80. the insurance shall not be impaired by any acts or omissions of PurCh secs or Seller, and that Seller shall therwtse be affordei 81. privileges customarily provided a mortgagee under thQ so-called stands mortgage clause. 82. (c) NOTICE OF DAMAGE. In the event of damage to the Property by fi or other casualty, Purchasers shall romptly give notice d 83. to Seller and the insurance company. 84. 8. DAMAGE lU THE PROPERTY. 85. (a )APPLICATION OF INSURANCE PROCEEDS. If the Property is da aged by fire or other casualty, the i surance proceeds qq 86. of such damage shall tie applied to payment of the amounts payable y Purchasers under this contract, n if such. amour-i 87. due to be paid, unless Purchasers make a permitted election describ in the next paragraph. Such amo rtts shall be first ap' 88. accrued interest and next to the installmerns to be paid as provided in this contract in the inverse order of their maturity. Such 89. not postpone the due date of the installments to be paid pursuant. to his contract or change the amount of such installmertt~ 90. of insurance proceeds, if any, shall be the property of Purchasers. ; 91. (b) PURCHASERS' ELECf1ON TO REBUILD. It Purohasers are not in efault under this contract, or after curt g any such default, 92. gagees in any prior mortgages and sellers in any prior contracts ford d do not require otherwise, Purcha ers may elect to he 93. of such insurance proceeds necessary to repair, replace or restore the damaged Property (the repair work deposited in esCrq 94. or title insurance company qualified to do business in the State of Min esota, or such other party as may mutually agreeabll 95. Purchasers. The election may only be made by written notice to Seller within sixty days after the damage occurs. Also, the elj 96. be permitted tf the plans and specifications and contracts for the repair rk are approved by Seger, which roust Seller shall rid 97. withhold or delay. If such a permitted election is made by Purchasers, eter and Purchasers shall jointly d posit, when paid, 98. proceeds into such escrow. If such insurance proceeds are insufficien for the repair work, Purchasers s all, before the corm 99. the repair work, deposit into such escrow sufficient additional money :: insure the full payment for there it work. Even if the 100. seeds are unavailable or are insufficient to pay the cost of the repair rk, Purchasers shalt at atI' times responsible to pe • 101. of the repair work. All escrowed funds shall be disbursed by the escrow in accordance with generally acs pled sound construl 102. merit procedures. The costs incurred or to be incurred on account of s ch escrow shall be deposited by P rchasers into such 103. the commencement of the repair work. Purchasers shall complete the rep 'r work as soon as reasonably possi Is and in a good a , 104. manner, and in any event the repair work shall be completed by Purchas rs within one year after the damage occurs. if, following i 105. of and payment for the repair work, there remain any undisbursed escr funds, such funds shalt be applied o .payment of the art 106. by Purchasers under this contract in accordance with paragraph e(a) a e. 107. 9. INJURY OR DAMAGE OCCURRING ON THE PROPERTY. 108. (a)LIABILIIY. Seller shall be free from liability and claims fordamages by reason of injuries occurring on or fter the date of this j 109. person or persons or property while on or about the Property. Purcha rs shall defend and indemnify Sell r from all liability, li 110. obligations, including reasonable attorneys' fees, on account of or arisi g out of any such injuries. However Purchasers shall hl t11. or obligation to Seller for such injuries which are caused by the negligen a or intentional wrongful acts or omi sions of Setter. 112. (b) LIABILITY INSURANCE. Purchasers shall, at their own expense, pr ure and maintain liability insurance a ainst claims for body 113. and property damage occurring on or about the Property in amounts rea nobly satisfactory to Seiler and nom rig Seller as an addl 114: 10. INSURANCE GENERALLY. The insurance which Purchasers are requir d to procure and maintain pursuant i paragraphs 7 and 9 115. shat) be issued by an insurance company or companies licensed to do bu iness in the State of Minnesota and cceptable to SeNer. 116. shall be maintained by Purchasers at all times while any amount remains unpaid under this contract. The insurance policies shall M 117. less than ten days written notice to Seller before cancellation, non-rene al, termination or change in covers e, and Purchasers a 118. Seller a duplicate original or certificate of such insurance policy or policie . 119. 11. CONDEMNATION. If all or any part of the Property is taken in condemn lion proceedings institutedurtderrhe r of eminent doh 120. veyed in lieu thereof under threat of condemnation, the money paid pursu nt to such condemnation or Conveys a in lieu thereof sA 121. to payment of the amounts payable by Purchasers under this contract, n if such amounts are not then d e to be paid. Such 122. be applied first to unpaid accrued interest and next to the installments to a paid as provided in this contract in the inverse order of 123. Such payment shall not postpone the due date of the installments to be id pursuant to this contract or Chang the amount of sus! 124. The balance, if any, shall be the property of Purchasers. 125. 12. WASTE, REPAIR AND LIENS. Purchasers shall not remove or demolish any buildings, improvements for fixtures now or later loca~4~ 126. of the Property, nor shall Purchasers commit or allow waste of the Prope y. Purchasers shall maintain the Pro,~erty in good Condit! 127. Purchasers shall not create or permit to accrue liens or adverse claims ago nst the Property which constitute a lien or claim against ~ 128. in the Property. Purchasers shall pay to Seller all amounts, costs and expe ses, including reasonable attorneys' fees, incurred by S~ 129. any such liens or adverse claims. 130. 13 DEED AND MORTGAGE REGISTRY TAXES. Seller shall, upon Purchase s' full performance of this contract, pay the deed tax due u 131. trig or filing of the deed to be delivered by Seller to Purchasers. The mo gage registry tax due upon the recording or filing of this 132. be paid by the party who records or files this contract; however, this pr ision shall not impair the right of Seller to collect from P 133. amount of such tax actually paid by Seller as provided in the applicable la governing default and service of notice of termination o~ 134. 14. NOTICE OF ASSIGNMENT. If either Seller or Purchasers assign their int rest in the Property, a copy of such assignment shat! prom •135. ed to the non-assigning party. 136. 15. PROTECTION OF INTERESTS. If Purchasers fail to pay any sum of mon y required under the terms of this contract or fail to perto~ 137. obligations as set forth in this contract, Setter may, at Seller's option, pay t e same or cause the same tG be performed, or both, an~ 138. so paid by Seller and the cost of such performance shall be payable at rice, with interest at the rate stated in paragraph 4 of tt 139. an additional amount due Seller under this contract. If there now exists, o if Seller hereafter creates, suffers or permits to accrue, 8 140. contract for deed, lien or encumbrance against the Property which is not erein expressly assumed by Purchasers, and provided P 141. not in default under this contract, Seller shall timely pay all amounts duet ereon, and if Setter fails to do so, °urshasers may, at the 142. any such delinquent amounts and deduct the arnounfs part from-the •nst I~rte.,t() ne,:t i;~i7lirrg due ender thi ¢ornrac2. 1»3. 16: C7f:FAULT. The time of performance by Purchasers of the terms of this contract is an essential part of this sort ct. Should Purchases 144. perform any of the terms of this contract, Seller may, at Seller's opt on, elect to declare this contract cancetl and terminated by 145. chasers in accordance with applicable law. All right, title and interest acquired under this contract by Purchase shall then cease ~ 146. and all improvements made upon the Property and all payments ma ~ by Purchasers pursuant to this contract hall belong to Seller; 1a7. damages for breach of this contract. Neither the extension of th'e ti a for payment of any sum of money to a paid hereunder. n~ 148. by Seller of Seller's rights to declare this contract forfeited by reason of any breach shall in any manner affect eller's right to canoe 149. because of defaults subsequently occurring, and no extension of ti a shall be valid unless agreed to in vrriiin .After service of riot 150. and failure to cure such default within the period allowed by law, Pur hasers shall, upon demand, surrendQr ssassion of the Prop 1St.. but Purchasers shat! be entitled io possession of the Property until t e expiration of such period. 152. 17. BINDING EFFEf~T. The terms of this contract shall run wih the la d anti bind the parties hereto and their s ccessors in interest! 153. 18. HEADINGS. headings of the paragraphs of this contrail are for co niencu only and do not define, limit or consi a the contents of suG 154. 19. ASSESSMENTS BY OWNERS' ASSOCIATION. If the Property is s bject to a recorded declaration providing fo assessments to be I 155. the Property by any owners' association, which assessments may b me a lien against the Property it not psi ,then: 156. (a)Purchasers shall promptly pay, when due, all assessments im sed by the owners' association or other overning body as ref 156. provisions of the declaration or other related documents; and 157. (b) So long as the owners' association maintains a master or blan et policy of insurance against fire, extend d coverage perils ctrl 156. hazards and in such' amounts as are required by this contract, then: ' i 159. (i) Purchasers' obligation in this contract to maintain hazard insuranc coverage on the Property is satisfied; an 160. {ii) The provisions in paragraph 8 of this contract regarding applic lion of insurance proceeds shall be sup rceded by the prow 161. declaration or other related documents; and 162. (iii) in the event of a distribution of insurance proceeds in lieu of r storaton or repair following an insured casualty loss to the I 163 such proceeds payable to Purchasers are hereby assigned and shat be paid to Seller for application to the sum secured by this 1 164. the excess, if any, paid to Purchasers. tY time trout j irnere ,and not pone of the P per- -n for at least d flood rove ~ty sari II story recover under all rights and such da~rtage id on a unt are not then fed to u paid rid if the ort- that pion with a ank to Selle and :lion will only 3nceme~t of surance pro- the full cost OnlreCi r any ss, costs and ve no lia ility y injury, d ath tonal ins red. f this con ract he inuu rice rovide fo not 1a11 deli r to rain or is ov- al! be ap 6ed ,mounts hall heir mat rity. instalim~nts. ionoral. rt m and re air. filer's int rest ter to re ove -n the reC rd- ;ontract hall rchasers the this cunt il. ly be fur ish- n any oft eir the amo nts s contra ,as ty mortg ge, rchasers are r option... ay s fail to timely totice to Pur- nd terminate, as liquidated it any waiver this contract ice of default srty to Setter, paragraphs. pied agains; sired by the such other ions of the operty, any ~ttrail, with ((rr . • ADDENDUM TO PURCHASE AGREEMENT suNK This form approved by the Minnesota Association of REALTORS: Minnesota Association of REALTORS® disclaims any liaf~ili~taris y out Qf~~e~Or misuse of this form. 1. Date 7 y 2. Page of Pages .1 U 3. Addendum to Purchase Agreement between parties dated , 19° ~ pertaining to the purchase 4. and sale of the property at 9776 IoSth Ave. Nw E1kRiver, AiN 5 TY,is purchase T~greement is subject to the city council approval f 6 for the purchase of this pproper. t~- :?y Dec. 19,1995 Stjculd city council 7 approval not be granted ~ of the earnest money shall be returned 12. 8 to buyer. Buyer & Seller agrEe to sign cancelation papers at that time, 9 unless it is agreed to extend this agreement by both the buyers & sellers 10 Sellers t_give notice to the land tenant that property will not ht 11 available from him t-o farm after closing. .13. 14. 15. 16. 17. 1 S. 19. 20. 21. 22. 23. 24. 25. • 26. 27. 28. 29. 30. 31. 32. 33. 34. 35. `~~ (Selteq (oats) (sayer) (Date) 36. (Seller) - (Date) (Buyer) (Date) 3Z THIS IS A LEGALLY BINDING CONTRACT BETWEEN BUYERS AND SELLERS. 38. MN:APA (5/88) IF YOU DESIRE LiL-GAL OR TAX ADVICE, CONSULT AN APPROPRIATE PROFESSfONAL. t .~~ x w N J y~ K {~ 1 1 Y a J 7. ~y ~( } T l .. Z4c ,:1~:~:, ~•;1 f ;~. r • SIKnUUM1E fx.Ulltt SUn~i:Yd19 Dt(1CE 4t MNpS CqH(~ ALVxbfnabV/ OVAO~bO 7f) q1+C A~owC Mx /)f0 IIx AIY(R, MI:N(IOIA !))b nrt+R i ~l~°.) 111-70GC oaAr(}e ectfi f • M! n }!) OIAN ~! ~ 0}IlAM1 K NCV1M 11~ MIA IOC~10 } xNeecs bpMx IsIRI; All- n w K }u is wws..Q NR'gfts exLe, lLllOwaC boron n b# Ktt4M([ rN !}f rXMA0a1 IH) • • ._. N. 1/2 N.E. 1/4 SEC. 13 T. 32 N., R. 26 W. Bern r-oc • ~~ '{'}{I~I1{'{I''II 1, '}I{{I'}I~I {'I'l'1~I1 I1~I11{I1~f'1{11~1'l ~~ ~ 111111111111 ~~1111111111I11111 240 2~ 1~ ~ 2~ z40 PLAYGRDl7~0 PLAYGROUND CONCESSION TRI-A-TOSS AREA f fl fi11TTl~fTiTTTiTTFTTfI 1111111 I1 l~f IlJ.4L1~N•FF~hV~tt .-128 CARS 1~ 60 2.10 2+B A~Cil n ~~(`. ~' '- i1 ~' C ~ CS ~. ~ c •-~ ~~ Y ~f °'1 ~j( u t 1 ~-' i..: c' I G. ~ i ~ t J ,SDK ~~~i '~~ :: i..~ e ,r'~.:; c '~ White Dove Realty, Inc. A CENTURION' Award Winner Office -1993-1994 V.M. 458-7125 Fax 441-4699 Business 4~jz 28, 1995 Pat Klaers City of Elk River Elk River MN 55330 Dear Pat, Thank you for the opportunity to do River on 165th and Jarvis. I recommend that the City does not long and narrow, and because of the Mel Beaudry Discovering the best move for you! value opinion on the property at the east end of Elk the land into 2. S acre lots because they would be too timity to the city sludge area and proposed ballfields. I feel it would be more appropriate to divide the lots, excluding the 6.85 acre lot, along 165th, into 4 building sites of approx. 3.75 a res each. These lots have a market value of $29,000 to $32,000. !, The estimate value of the 6.85 acre The estimate value of the 14 acre lot would be $36,000 to $37,500. be $43,000- $45,000. I have also looked at the possibility o 5 lots along 165th (excludmg the 6.85 acre parcel). They would have a frontage of just over 20 feet, but I feel it is not in the best interest of the City to sell lots with that narrow frontage. I have enclosed examples of lots sold ~ the Elk River and western Ramsey area, which were the basis for my findings. You may find these lot values more conservative than anticipated. However, I would rather be conservative than overly optimistic, ~ which case, the City would not get the return on their investment that they were expecting. 'I • .Yours truly, Mel Beaudry Century 21, White Dove MB/lb Mel Beaudry works with a team of experts to assure the best possible service. Mel Beaudry, Lucy Boeshans, Mary Leuer, Kathy Tangen Each Office Is Independenity Owned And Operated ..~ ~rs<.-:: -y~ :: c' ~ `e ~+ ., ~4 r ` °:~• _ fit ~'..y'y~~~~~~j[ ~s[ _ ~ ~T ~ ./ 7~ * t ' I 1 w ~] t ~~ F 1 ~• v~ _ 1t Itk. ~ 4 , ,t ~,• S t 4~ ~ ' t 7 ~~'~ ..~ M yp,., '.~, ~ ~,f • _ d ~ ° + ems, ~a (({{ ' = 3. [ •1 e'}(}~,9 .~ - - ~'`/ ~j 1 ~ , fit` ~~'y ~Y. ~ { ,r .r~~' .l ~. {4~ ~ ~ ~; .mil \'F•' ~~ °~,_ ~ _ :b • ' ~ x [ _ n yy >• ~ - I.s 'i~iJ'/~, t c ~ ~ f _. ,,,~ - ~~~• ~.~ \~\\\ , ~ .rte ~ .~3i S '(e _ . ;~ .6 `~~`.,. k .. ~~~~ i r _ i -?r. ~~ ~ ~ ~ 4 .~ ~' ~ .~ ~~ ., a ~. r.-..~ '• ~ ea°'~ Wit" ! # ~ ..r ~~ f,'!' hW~ ~ , t ~ ~ i':c y. 7 a• ... , ... a !.. .r r* ~ ' ~t t~ ~ ~ ti.. V~~!~ a •~ ~' n S~ t- '= ~,.5~' 1Y~d ~ I'~''# ; ~ !1' r `L' 'K' ~ PST ~~. _ _ y .~ TTT i ~f ~ ~ .~ '~ 'v;L •~C~fi 41 ~ t S k ' 8' E' LY' ~ -- ~ `'. _ 2~ ~ S ~[ _ ~ ~S iL - f ~ Aw`4~,"~ ~ 4 ~C a ry~R k M i r ~ ~•~ 7 r t ~, ~~Ys -~,~~ ~ a~;w '~ +~~Yy^„¢~r i ~ lk:e ^~~t't'~,lA~ ~'~t ~i. x I ' 3r l• P }:'"~~ ,`a r.,.-f-3 :t. ~ -i +~i .y'"'>~_. Sx ~ 111 WORKSHOP GOALS/OUTLINE OCTOBER 30, 1995 • EAST ELK RIVER SEWER AND WATER PROJECT 1. Review timetable for and financing of Wastewater Treatment Plant expansion ($4.9 million). November 6, 1995 -approve plans and specifications for plant expansion and order bids for the expansion. Spring 1996 -begin WWTP plant expansion. Summer 1997- WWTP plant expansion completed. 2. Review Planning Commission recommendation on Comprehensive Plan; especially as it relates to the eastern urban district. 3. Define the ultimate east Elk River sewer and water district based on Comprehensive Plan and the total capacity of the sewer plant. - Assuming that another plant expansion does not take place in 15 years, then the 1996 plant expansion will determine the pipe size of the trunk system and the ultimate area that will be served by Municipal Utilities. 4. Consider second appraisal for east Elk River area. 5. Determine the total cost (in 1996 dollars) for the ultimate trunk sewer and water project. Determine the assessment method...whether the project will be assessed out at different rates based on zoning or whether it will be a one rate per acre regardless of zoning districts. Determine the assessment rate (plus inflation increases) on a developable per acre basis. 6. Establish boundary for Phase I of the East Elk River Public Improvement Project. Determine Phase I total assessable acreage. Determine the total cost for Phase I. • - Determine the city subsidy amount (if any) for assessments: Does the city have to subsidy the assessment to industrial property? - Determine the city "holding" costs for Phase I. (The difference between the cost of the project and the amount assessed to . property owners...these "holding" costs are in addition to any city subsidies to industrial properties.) - Determine the source of funds for "holding" costs - Estimate Green Acres assessment deferrals and rate which deferrals will end and the properties will begin paying assessments. - Determine most appropriate bond repayment structure and potential impact on city tax levy to meet bond obligations (due to Green Acres and city "holding" costs). 7. Review timetable for East Elk River Public Improvement Project. - Fall 1995 -receive second appraisal for East Elk River Project . - Fall 1995 -complete feasibility study for ultimate sewer and water district and order feasibility study for Phase I . - Fall/Winter 1995 -City Council holds public informational meeting on the East Elk River Public Improvement Project. - Winter 1995/96 - Phase I trunk sewer and water feasibility study received and accepted by council. - Winter 1995/96 -City Council orders plans and specifications for Phase I. - Spring 1996 -City Council orders the acquisition of easements for Phase I trunk sewer and water project. (Evergreen Company contracted services.) - Summer 1996 -City Council holds public hearing on Phase I. (begins the assessment process.) - Summer 1996 -City Council orders Phase I Public Improvement Project and advertises for bids...ASSESSMENTS ARE NOW PENDING. - Summer 1996-City Council holds assessment hearing for Phase I. - Fall 1996 -easement acquisition is completed. (6 to 7 months after ordered.) - Fall 1996 -after assessment appeals have been received, City Council decides if Phase I should be authorized and bids approved...it takes 12 - 15 months from approving bids until the pipes are in the ground and ready for hookups. • 8. Review staff comments on current City Development Policy.