Title
Public Hearing and Action on Resolution 25-069, a Resolution Authorizing Purchase of Real Estate for Parking Lot.
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Summary and Recommended Action:
The proposed Resolution is presented to the City Council to authorize the purchase of land at 214 Front Street. The site was formerly the Dakota Service and Repair. The property will be developed into a public parking lot to support downtown commerce and redevelopment efforts. Council approval will initiate the acquisition for $1,250,000 for purchase of the land, plus title work, closing cost and real estate commission for a total cost of $1,317,305. A separate budget amendment is presented, allocating the necessary funds from the City Council Financial Policy Fund.
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Attachments:
Memo
Resolution
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