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Purchase of 917 S. Lafayette <br />Purchase price of $200,000 <br />Administrative Settlement $150,000 <br />Closing to take place by 3/31/13 <br />Date of possession 6/30/14 <br />Total of $350,000 (Purchase Price and Administrative Settlement) payable at closing <br />Relocation of 917 S. Lafayette <br />Moving costs of $90,000 <br />Re- establishment costs of $200,000 <br />Total of $290,000 (moving & re- establishment) payable by 6/30/14 <br />917 S. Lafayette to be vacated by 6/30/14 <br />Grand total = $950,000 <br />The staff recommends approval of this Purchase Agreement. It provides for the immediate purchase <br />of the property needed for the timely construction of the sub - station for the Renaissance District <br />Project and allows time for Mr. and Mrs. Hamilton to secure new locations for their body shop and <br />towing operations. <br />