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CITY HALL — LEASE-PURCHASE AGREEMENT <br /> WITH AMERICAN NATIONAL BANK <br /> Original Loan for purchase of City Hall, <br /> remodeling, and payment reserve: $1,100,000 <br /> *(Cost of the building was $800,000.) <br /> Sale of Sibley Building -$ 170,000 <br /> Sale of Maintenance Building -$ 100,000 <br /> Sale of Old City Hall -$ 450,000 <br /> All of the proceeds have been used to write down the $1,100,000 original loan amount. <br /> The City now owes $409,320.01 on the new City Hall Building. Payments are $2,664 per <br /> month for 221 months at an interest rate of 4.1%. This rate is good until March 1St at <br /> which time American National will rewrite the lease-purchase. At that time the Council <br /> can look at what American National has to offer in the line of interest. <br /> Payments for the new City Hall prior to the sale of the old city hall were $5,244 per <br /> month. <br /> * <br /> *Purchase of New City Hall Costs <br /> Purchase Price of Property $800,000 <br /> Renovation&Bldg. Improvements $184,000 <br /> Payment Reserve Funding $ 75,000 <br /> Property Taxes Due at Closing $ 21,000 <br /> Closing Costs $ 20,000 <br /> TOTAL $1,100,000 <br />