HomeMy WebLinkAbout20-010 4662 Dakota St. Purchase Agreement
4646 Dakota Street SE
Prior Lake, MN 55372
RESOLUTION 20-010
RESOLUTION APPROVING THE PURCHASE OF PROPERTY AT
4662 DAKOTA STREET SE AND AUTHORIZING THE MAYOR AND CITY MANAGER
TO EXECUTE THE PURCHASE AGREEMENT
Motion By: Erickson Second By: Braid
WHEREAS,
WHEREAS,
WHEREAS,
WHEREAS,
The owners of the property at 4662 Dakota Street SE; PID 250010570 (“Property”)
have approached staff to see if the City of Prior Lake (“City”) would be interested in
purchasing the Property; and
The property owners have submitted a Real Estate Purchase Agreement
(“Agreement”) and are requesting a sale price of $289,500 and a closing date of
January 31, 2020; and
Redevelopment in downtown Prior Lake is supported in various policy and planning
documents of the City, including the 2040 Vision and Strategic Plan and the
Comprehensive Plan; and
The Prior Lake City Council finds acquisition of the Property will facilitate future
redevelopment in downtown Prior Lake.
NOW THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF PRIOR LAKE,
MINNESOTA as follows:
1. The recitals set forth above are incorporated herein.
2. The Finance Director will determine funding options (use of reserves or debt issuance) for the
purchase price of $289,500, together with all Buyer related costs identified in the Agreement.
3. The Mayor and City Manager are authorized to execute the Agreement and any documents
necessary to close the transaction.
Passed and adopted by the Prior Lake City Council this 6th day of January 2020.
VOTE Briggs Thompson Burkart Braid Erickson
Aye ☒ ☒ ☒ ☒ ☒
Nay ☐ ☐ ☐ ☐ ☐
Abstain ☐ ☐ ☐ ☐ ☐
Absent ☐ ☐ ☐ ☐ ☐
______________________________
Lori Olson, Assistant City Manager