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<br />Page 4 - September 27, 2005 New Brighton Council Minutes <br /> <br />l' Fernelius suggested it was the recommendation of staff to approve the binding <br />ediated settlement agreement with Midwest Asphalt Corporation and Walbum <br />for the purchase of 1400 Old Highway 8 NW. <br /> <br />Council Member Doffing questioned Item #6, page 5, litigation and release, her <br />question was what interest Mr. Stuve and MAC Equipment have in the process, <br /> <br />Mac LeFevre, City Attorney responded to Cormcil Member Doffing's question, <br />stating that MW A will be responsible for ensuring that both parties in question <br />grant releases to the City, <br /> <br />Cormcil Member Burg questioned the finding of Barr Engineering relation to the <br />soil under the property. <br /> <br />Mr, LeFevre responded that the City has obtained reasonable cost estimates, <br /> <br />Council Member Burg questioned weather there is any estimate of interest rates? <br /> <br />It was explained that because the rates are tied to the market conditions, it is hard <br />to predict, it was stated that prepayment is an option as well. <br /> <br />t. leFevre indicated that the proposal included the "worse case scenario.' <br /> <br />Cormcil Member Doffing questioned the court date that was discussed at the <br />previous council meeting. <br /> <br />Mr. LeFevre indicated that because the term was sheet was approved, the court <br />date was not necessary, <br /> <br />Council Member Doffing stated her opposition to this acquisition, and the City's <br />use of eminent domain. <br /> <br />Motion by Council Member Moore-Sykes, seconded by Council Member Hoffman to <br />Approve Binding Mediated Settlement Agreement between City of New Brighton, <br />Midwest Asphalt Corporation and Walburn, Ltd. for Acquisition of 1400 Old <br />Highway NW, and to direct Mayor Larson to sign the contract. <br />4 Ayes -1 Nays, Motion Carried <br />Ayes; <br />layor Larson <br />0, uncil Member Moore-Sykes <br />ouncil Member Hoffman <br />ouneil Member Burg <br /> <br />Nay: <br />Council Member Doffing <br />