CR 94-41 Suburban Chevrolet Option Agreement
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February 16, 1994 ~ <0 Council Report 94-41
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SUBURBAN CHEVROLET
OPTION AGREEMENT
Proposed Action
Staff recommends adoption of the following motion: "Move to concur
with HRA Resolution supporting purchase of the Suburban Chevrolet
property."
This motion acts to allow Council concurrence with the BRA regarding
directing staff to prepare and execute the necessary documents to
purchase the Suburban Chevrolet property as per the Option Agreement
da ted March 16, 1993.
Overview
In March of 1993 the Hopkins BRA entered into an option agreement with
Grossman Investments for the possible purchase of the Suburban
. Chevrolet property. Based on the language in the existing Option
Agreement the BRA is required to submit to the seller a purchase
agreement by no later than March 5. The actual closing on the
property must be completed March 15.
In consideration of these dates the City Council/BRA needs to make a
decision on whether to purchase the property at the meeting on March
3, 1994.
The HRA will consider a Resolution approving the purchase of the
Suburban Chevrolet property prior to consideration of this item by the
Council. The Council, by approving the action in this report
acknowledges that it agrees with the action of the HRA.
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Community Development Specialist
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