HomeMy WebLinkAbout[07d] PA Amendment
Council Agenda Item \[07d\]
MEETING DATE: August 6, 2018
AGENDA ITEM: Purchase Agreement Amendment
SUBMITTED BY: Administration
BOARD/COMMISSION/COMMITTEE RECOMMENDATION:
PREVIOUS COUNCIL ACTION: The City Council executed a purchase agreement with Bad Habit to
purchase the former City Hall, 25 College Ave N. The closing date was scheduled for July 15, 2018.
On July 2, 2018 the City Council approved an amendment to the purchase agreement with Bad Habit to
purchase the former City Hall, 25 College Ave N. The closing date was moved to August 15, 2018.
BACKGROUND INFORMATION: Aaron Rieland has been working with his financial institution and
they are extremely busy and it will take six weeks for them to process the paperwork therefore we are
looking for a closing no later than September 30, 2018. Additional, Bad Habit will be utilizing the
financing of the City and have agreed to increase the monthly mortgage payment to $ 3,000 per month
with a balloon payment at the end of the five years.
BUDGET/FISCAL IMPACT:
ATTACHMENTS: Amendment to the purchase agreement
REQUESTED COUNCIL ACTION: Authorize the Mayor and Administrator to execute the amendment to
the PA for the City Hall property, setting the closing date no later than September 30, 2018 and modifying the
monthly mortgage payment to $ 3,000.
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