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•MT Properties Agreement <br />May 23, 2008 <br />Page 2 <br />2) MT Properties will convey the Butcher's Spur once the abandonment is approved by the <br />Surface Transportation Board (STB). The STB has issued an interim decision which <br />suggests that approval is imminent, pending completion of a historic review. The price <br />for the land is $3.35 per square foot or approximately $1,005,430. <br />There are no substantive changes between what is contained in the Purchase and Land <br />Exchange Agreement and the LOU that the Council approved in October 2007. <br />Costs and Funding: <br />The net cost of the real estate transaction to the City is $715,037. The cost will be charged to <br />TIF Districts #31 and #32 in the NWQ and has been built into the financial model. <br />Grant F&aeplips <br />• Community Developer Director <br />0 <br />