3.6. SR 09-13-1999
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** ITEM 3.6. **
MEMORANDUM
TO: Mayor & City Council
~ROM:
Paul Steinman, Director of Economic
Development
DATE:
September 13,1999
SUBJECT: Consider Action to Cancel the Offer of
Sale of Land to Denny's Restaurant
Approximately a month ago, staff mailed a check back to the franchisee of the
Denny's Restaurant which was earnest money for the lot at Holt and Jackson
Street. Staff also mailed with this check the copies of the unexecuted purchase
agreement for this land. As you recall, the council approved the sale of this lot for a
Denny's Restaurant. The potential buyer has taken no action on proceeding with
the project since that council meeting, and therefore staff concluded that there was
no longer interest in pursuing the purchase of this lot.
.
Recommendation
Staff recommends the council formally cancel the offer to sell this lot for a Denny's
Restaurant.
.
13065 Orono Parkway · P.O. Box 490 · Elk River, MN 55330. TDD & Phone: (612) 441-7420. Fax: (612) 441-7425