3.5. SR 08-13-2001River
TO:
FROM:
DATE:
SUBJECT:
**Item 3.5.**
MEMORANDUM
Mayor and Council
Lori Johnson, Finance Director
August 13, 200 I
Consider Purchase Agreement for Boelter Property
At the July 23, 2001, City Council meeting, the Council directed staff to prepare a purchase
agreement for the property owned by Michael Boelter at the intersection of Highway 10 and
Main Street. The city attorney has prepared a purchase agreement for approval by the City
Council, and the main points are addressed in this memo.
The Purchase Agreement between the City of Elk River and Michael Bodter states that the
City will purchase the property for $175,000.00 with closing to occur within 60 days after a
commitment for insurance is received. It also states that Mr. Boelter will transfer his interest
in the leases with Burlington Northern Santa Fe Railroad to the City. The purchase
agreement allows the City to access the property owned by Mr. Boelter to conduct a Phase II
Environmental Report.
A complete copy of the purchase agreement is available at City Hall for review or you may
call with any questions you have.
Action Requested:
The City Council is asked to approve the Purchase Agreement between the City of Elk River
and Michael Boelter.