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ECONOMIC AND URBAN DEVELOPMENT MEMORANDUM <br /> No. 06-272 <br /> November 14, 2006 <br /> TO: Mayor Paul Osborne and Ciiy Council Members <br /> FROM: Steve Garm ty Manager <br /> Dane C. Brag , ssistant City Manager�' <br /> SUBJECT: Assignment of Option—301 North Water Street <br /> SUMMARY RECOMMENDATION: Staff recommends approval of the attached <br /> resolution to assign the Option to Purchase contract by and between Regions Bank Trust <br /> No. 2395 and Reynolds Development, LLC to the City of Decatur, as purchaser. <br /> The assignment will permit the City to proceed with the acquisition of the premises for <br /> the appraised value of $275,000. A $2,500 option fee will be reimbursed to Reynolds <br /> Development, LLC. <br /> BACKGROUND: 'The subject property is part of the block to be acquired by the City <br /> of Decatur as part of the Reynolds Development, LLC agreement to rehabilitate the east <br /> side of the 300 Block of North Water Street. <br /> POTENTIAL OBJECTION: N/A. <br /> INPUT FROM OTHER SOURCES: This purchase has been reviewed by Corporation <br /> Counsel,the owner's representative and the developer's counsel. <br /> STAFF REFERENCE: Any additional questions may be forwazded to Dane Bragg at <br /> 424-2727 or dbrag�(cr�,decaturnet.org. <br /> BUDGET/TIME IMPLICATIONS: The purchase price will be paid from the Planning <br /> Fund and reimbursed by the Olde Towne TIF Fund. <br />