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I hope Andrea finds this agreeable and we can seal the deal, thanks for all your hard work and persistence on <br /> this one! <br /> Therese <br /> File: RE Huling property at Wendover Street.rtf » <br /> -----Original Message----- <br /> From: ROYER Russ C <br /> Sent: Monday, May 12, 2003 10:16 AM <br /> To: RINER Andrea G; WALCH Therese <br /> Subject: Huling parcel -Scenic Meadows subdivision on north Santa Clara Waterway <br /> We are getting close to closing -possibly the end of this week or next week. Under new code there is a <br /> 10 day appeal period after the City approves the final plat, which we are in that period now. I had a <br /> couple final questions of you. a <br /> <br /> 'i <br /> 1. As part of our offer agreement we had an option to purchase the northerly most lot on the east side of <br /> the extension of Wendover Street. The option price is $35,000 for the lot, which I believe is below market <br /> value. While the lot backs up to the waterway, it has more setback than the existing improved adjacent <br /> lot to the north. This is the lot the neighborhood group inquired if we could match funds with them to <br /> purchase. I have left a few messages for Karen Lawrence, one of the neighbors, and Vickie has talked <br /> with Kevin Jones, another neighbor, but Karen has not called back and Kevin said there does not appear <br /> to me any money. So, it appears if we wish to purchase, it would need to be with City funds. Our option <br /> expires when we close on the main parcel, so we will need to decide fairly soon?? I'm not sure how much <br /> additional benefit it provides for either park or stormwater purposes. Since it will be a separate legal lot, it <br /> would appear it would give us the flexibility to sell it at some future time if necessary. <br /> 2. Second question pertains to allocation of funds between stormwater and neighborhood parks. <br /> Exclusive of the above lot our acquisition is $275,000 plus half of the street costs which are estimated at <br /> about $500,000 or $250,000 for the City's share. We will pay the $275,000 (plus closing costs) at close of <br /> escrow and the remaining $250,000 upon completion and approval of the streets. Total about <br /> $525,000. Do either of you recall the allocation of funds? I had some pencil notes of 60% parks and <br /> 40%stormwater, but could not find any previous correspondence and thought perhaps one of you have <br /> some reference or recall?? Thanks. Russ <br /> j. <br /> 2 <br /> <br />