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ECONOMIC AND URBAN DEVELOPMENT MEMORANDUM <br /> No. 06-274 <br /> November 14, 2006 <br /> TO: Mayor Paul Osborne and City Council Members <br /> FROM: Steve Garm ity Manager <br /> Dane C. B ,Assistant City Manager� <br /> SUBJECT: Purchase of Property—331-335 North Water Street <br /> SUMMARY RECOMMENDATION: Staff recommends approval of the attached <br /> agreement to exchange the property located at 331-335 North Water Street, owned by <br /> Karl Meurlot, with the City-owned properiy located at 417-421 North Main Street, also <br /> known as Municipal Parking Lot Three. <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: City staff has met with representatives of Soy Capital <br /> Bank to discuss this transaction and potential parking improvements for their facility. <br /> INPUT FROM OTHER SOURCES: This purchase has been reviewed b Co oration <br /> Y IP <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 .':�,�i;1"���� �1�c�iluo-n�t.��r��. <br />, BUDGET/TIME IMPLICATIONS: No funds will be exchanged as part of this <br /> contract. <br />