Committee Minutes

MINUTES/FINANCE COMMITTEE
Monday, March 18, 1996 - 7:15 p.m.

Roll call: Carpenter, Babinchak, McCabe.

1. Matter of sale of City lots.
a) Tracy Doe, The Gentry Corporation, was present. Mr. Schmisek reported that he and Mel Carsen, city assessor, had negotiated with Mr. Doe on this property, and that the amount offered is an amount he and Mr. Carsen would recommend acceptance of because of amount of future special assessments. The negotiated offer from Tracy Doe was presented to the committee for their consideration: The Gentry Corp's. offer to purchase Lots 1, 2 and 3, Block 1, Medvue 6th Addition for $22,000 subject to the following conditions: 1) property to be conveyed by special warranty deed; 2) City to special assess all costs associated with water and sewer projects; 3) closing date to be June 1, 1996; and 4) all taxes and special assessments to be pro-rated to date of closing. Mr. Doe stated that he didn't include anything in his proposal re. title work; Mr. Swanson stated he wouldn't be able to speak for title company, but City sold lot of property where obtained title insurance and this shouldn't be a problem. It was moved by Babinchak and McCabe that we accept the offer of Tracy Doe (The Gentry Corporation) in the amount of $22,000 for Lots 1, 2 and 3, Block 1, Medvue Estates 6th Resubdivision. Motion carried.

b) Mr. Schmisek presented an offer received by his office from Gordon Holtan, 4801 4th Avenue North, to purchase Lots 1 and 2, Block 1, Auditor's Subdivision No. 27 in the amounts of $4380 and $6600, respectively, which is 60% of City's appraised value. (It was noted that this is increase over previous bid which was rejected by the committee and council). After some discussion Mr. Holtan agreed to increase his bid to 30/cents sq. ft. for the property. Moved by McCabe and Babinchak to accept the bid of $0.30/sq.ft. for the property. Motion carried.

Meeting adjourned.

Alice Fontaine
City Clerk

Dated: 3/22/96.