CR 92-161 Maetzold Field
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, . July 29, 1992 i " -Yo'P'!K'\ ~ .C;;! Council Report 92-161
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MAETZOLD FIELD PURCHASE AGREEMENT
Pro'Dosed Action.
Staff recommends the adoption of the following motion:. Approval
authorizinq the Mayor to execute a purChase agreement with the
city of Hopkins for the sale of a portion of Maetzold Field.
Approval of this agreement will allow the City and HRA to enter
into a purchase agreement for the subject property.
Overview
In April of 1990 the Hopkins School District sold Maetzold Field
to the city of Hopkins and the Hopkins Housing and Redevelopment
Authority. In conjunction with this purchase, it was understood
that the City of Hopkins would make a grant application. to the
Department of Trade and Economic.Development to purchase the HRA
owned portion of this property. . .
city staff is now preparing the grant application to facilitate
. purchase of the subject property from theHRA. One of the
. requirements of this application is .that a purchase agreement be
submitted for the property to be acquired. As. a result, staff is
requesting that a purchase agreement be executed between both the
HRA and City ,Council.
primary Issues to consider
o What would be the specifics of the agreement?
- Purchase price - $283,912.55. This is the same amount
that the HRA paid for the subject property from the
school district.
- Closing date of April 1, 1993 or as mutually agreed
upon by both parties. The City should have received
action on the grant application by that time.
o What action would take place if the grant application was
not approved? Based upon discussions at the time of the
original purchase from the School District it was assumed
that if the city did not receive approval of grant funds,
proceeds from the previously sold park bond would be
utilized for the City purchase. I
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