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APPROVAL OF' LEASE--PURCHASE AGKEEMENT - 1';ARKING LOT --- <br />KRAFT Stahi explained that. this proposaa ~s a LeasEa <br />Option Agreement t.or a parcel of ground located <br />adjacent to and south of the Spruce Street-. <br />Building. The :parcel of ground owned by Fred <br />Kraft r_onsists ~of approximately i3, ~'/~ s . f . and <br />currently is the site of several small residential <br />units. 7.'he recommendation of staff is to "=lease <br />purchase" the property, remove the existing <br />structures and utilize the area for additional <br />downtown public parking. The parcel will <br />accommodat:e approximately 4'/ additional parking <br />spaces. The selling price of the parcel is <br />$130,000. The terms of the lease include a <br />$32,000 payment due December 19, 1988, an $18,UUt) <br />payment due in :December of 1989, and eight <br />subsequent annual payments of $13,3:30. The <br />interest rate used to calculate the lease was '/`o. <br />Closing on the :property is subject to the owner <br />taking the necessary steps to deliver the parcel <br />free of any encumbrances in existing tenant <br />leases. Demolition of the existing structures and <br />r_onstruction of a "gravel base" parking area <br />(first phase improvements) will be accomplished by <br />force account a:nd involve a minimum of out of <br />pocket expenses far materials. <br />Stahl stated that the City hopes to have <br />possession of t:he property about the 9th of <br />January and road base the lot in early Spring <br />of i-989. <br />Mohr moved and :Mayor Fauson seconded to approve <br />the Lease Option Agreement with Kraft. Motion <br />passed '/- U . <br />OTHER: <br />INSTALLATION OF SPRINKLER SYSTEM AND SUD AT MUSEUM <br />SITE Stahl informed Council that Community 5ervi-ces <br />staff had installed a sprinkler system and sod at:. <br />the Museum Site on Main Street. Stahl stated, <br />"This demonstrates what Larry's crew is capable o:E <br />doing in-house. I think they did a real good <br />job." <br />CHAMBER REQUEST FOR STREET CLOSURES - OLDS FASHIONED CHRISTMAS <br />CELEBRATION Stahl stated that Gene Caranci, Executive <br />Director, Chamber of Commerce, submitted a request: <br />for street closures on December 9, 1988 for an <br />"Olde Fashioned Christmas." There will be a <br />Parade of Lights beginning at Parkview and Main <br />and ending at Main and South between 6:UU and 9:00 <br />p.m. <br />5 <br />