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City of <br />Pequott <br />Lakes— <br />REPORT TO <br />CITY COUNCIL <br />Date: June 23, 2009 <br />Subs Library Building Purchase <br />Report: The Library Board is ready to purchase the Little <br />Pine Plaza for use as the Pequot Lakes Library. Staff has <br />�. been working with City Attorney Paul Sandelin, Complete <br />Title, and Briggs and Morgan on this purchase. <br />The total cost to purchase the building, which includes all <br />closing costs and back taxes for 2007, 2008, and the first <br />half of 2009 is $187,365.26. (See attached Settlement <br />Statement). <br />Other costs associated with the purchase, but not included <br />in the settlement price, will be payment for legal and <br />professional services such as Briggs and Morgan and the <br />City Attorney, minor building renovations, and the second <br />half of the 2009 property taxes in the amount of $6,540.22. <br />The Library will also be designating a collateral amount of <br />`- money of $52,500 to ensure repayment of the Larsen <br />