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. • , � . <br /> Economic & Urban Development Department Memorandum <br /> # 03-16 <br /> Date: February 27, 2003 <br /> TO: Honorable yor Terry M. Howley and City Council Members <br /> FROM: Steve G City Manager <br /> A.J. Krie , sistant City Manage� <br /> SUBJECT: 125 E. North- Former Black's Building Purchase <br /> SUMMARY RECOMMENDATION: <br /> City staff recommends approval of the attached resolution. <br /> BACKGROUND: <br /> Attached to this memorandum is a resolution which, if approved, will authorize the City Manager <br /> to purchase the former Black's building located at 125 E. North. <br /> Both the owner and the City have obtained separate appraisals; which show the value of the <br /> building at $75,000 and$105,000 respectively. City staff has negotiated a purchase price with the <br /> current owner of the real estate for $90,000. The building's owner has cooperated with the City �, <br /> during negotiations by refusing several offers to lease all or portions of the building, which could <br /> have significantly increased the City's acquisition price. ' <br /> POTENTIAL OBJECTION: <br /> City staff is not aware of any objection. <br /> INPUT FROM OTHER SOURCES: <br /> The resolution is attached to this memorandum. <br /> STAFF REFERENCE: <br /> If Council members have questions they may contact A.J. Krieger, 424-2727, <br /> aikrie,ger(�a,decaturnet.or�. <br /> BUDGET/TIME IMPLICATIONS: <br /> Pending approval, this acquisition will be funded from the City's previous draw from its line of <br /> credit. <br />