MEMORANDUM Mayor and Council September 19th, 1975 L.D. Pollock City Administrator SEP 22 1975 OCT 27 1975 Purchase of Property - Lynwood Avenue Council will. recall that we were approached by the owners of property at 1065 Lynwood Avenue described as Lot 200 of Plan 36681 (Please see attached sketch). ~(Reverse Srde)- This property was described as one that should be acquired in conjunction with our. Nature. Area acquisitions. This parcel is approximately 1.9 acres _ and the owners have agreed to sell to the City for the sum of $36,000. ‘I-understand that they will agree to terms of $20,000. down plus the ._ balance in one year with interest at 11%, however, it may be to our advantage to pay the total purchase price upon acquisition and thereby ‘gave some $2,000. in interest costs as the money is available in our ‘Tax Sale Land Account. I would recommend to Council that the purchase price be accepted and that the funds provided from our Tax Sale Land Account. — eT ae a et _ L.D. Pollock LDP/w attach: . MEMO TO: L.PD. Pollock, City Adminietrator September 25th, 1975 FROM: R.A. Freeman, City Clerk Re: Purchase of Property -— Lynwood Avenue With reference to your September 19th, 1975 memorandum concerning the above-noted subject thia will advise that at the regular Council meeting of | September 22nd, 1975, a resolution would have accepted your recommendation for purchase of the property at the price of $36,000.00 failed to receive the support of a majority of the membera of Council and was therefore defeated. Oiloinal Signed Sy | Os City Clerk