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City of <br /> Pequot AGENDA ITEM #3.6 <br /> Lakes <br /> REPORT TO <br /> CITY COUNCIL <br /> Date: February 4, 2008 <br /> Subject: Memorandum of Lease for City Hall Property <br /> Report: When the City entered into a lease purchase <br /> agreement with American National Bank for the City Hall <br /> property, the transaction should have been recorded. Paul <br /> Sandelin discovered that this was not done while he was <br /> reviewing the City's request to dedicate Bergquist Drive as <br /> a City Street. <br /> Paul has drafted the attached Memorandum of Lease. The <br /> purpose of the Memorandum of Lease is to provide <br /> recorded notice of the lease and of the City's interest in the <br /> real estate. <br /> Council Action Requested: Council motion authorizing <br /> the Clerk and Mayor to sign the attached Memorandum of <br /> Lease <br />