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Economic & Urban Development Department Memorandum <br /> # 03-15 <br /> TO: Honorable Mayor Terry M. Howley and City Council Members <br /> FROM: Steve Garman, City Manager <br /> A.J. Krieger, Assistant City Manager <br /> SUBJECT: Purchase Agreement with Target Corp. <br /> RECOMMENDATION: <br /> City staff recommends approval of the attached purchase agreement between the City of Decatur <br /> and Target Corp. <br /> BACKGROUND: <br /> As Council is aware City staff has been working with Target Corp. since la.te 2001 to secure the <br /> location of a new Target store on the Mound/51 site. Those negotiations are now complete, and <br /> Target Corp. is prepared to execute the attached purchase agreement. Two related agreements, <br /> Site Development and Operation and Easement, will also be negotiated. City staff will begin <br /> those negotiations immediately and prepare the site for development neart spring. <br /> Pending City Council approval of the purchase agreement, construction of the Target store should <br /> commence Spring of 2004. <br /> POTENTIAL OBJECTION: <br /> City staff is not aware of any opposition to the attached purchase agreement. <br /> INPUT FROM OTHER SOURCES: <br /> The purchase agreement is attached. Greg Struve, Regional Real Estate Manager for Target <br /> Corp., will be present at the meeting on the 17th. <br /> STAFF REFERENCE: <br /> If Council members have questions they may contact A.J. Krieger, 424-2727, <br /> aikrie�er(�a,decaturnet.or� . <br />