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Resolution authorizing execution of a letter of intent and sale agreement for the potential acquisition of property within Tax Increment District No. 7
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WHEREAS, the Financial Affairs Committee discussed a potential land acquisition within Tax Increment District No. 7 (Burleigh Triangle) in closed session on December 9, 2025, consistent with the district's approved project plan; and
WHEREAS, following that discussion, the Committee provided direction to staff to negotiate a Letter of Intent with the potential property owner regarding the acquisition of the property; and
WHEREAS, staff has since negotiated the terms of a proposed Letter of Intent with the seller and is in the final stages of reaching agreement within the not-to-exceed purchase price previously discussed with the Committee; and
WHEREAS, the acquisition of the property would support redevelopment activities consistent with the Tax Increment District No. 7 project plan; and
WHEREAS, Tax Increment District No. 7 has sufficient tax increment to finance the debt necessary to acquire the property and prepare it for redevelopment.
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City that the appropriate City officials are authorized to finalize and execute a Letter of Intent regarding the potential acquisition of property within Tax Increment District No. 7 on terms generally consistent with the draft Letter of Intent presented to the Financial Affairs Committee.
BE IT FURTHER RESOLVED that the appropriate City officials are authorized to negotiate and execute a Purchase and Sale Agreement for the property, provided that the purchase price does not exceed the amount identified in the draft Letter of Intent.
BE IT FURTHER RESOLVED that staff is authorized to approve minor deviations from the terms of the draft Letter of Intent during final negotiations, provided such changes remain consistent with the intent of the agreement and do not exceed the authorized purchase price.
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