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Staff is recommending that the Council authorize the purchase of the Corridor at this <br />time by authorizing the City Manager to execute the final Purchase Agreement, paying <br />the required $2,100,000 down payment at the closing of escrow on the Southern <br />Property estimated to be no later than July 31, 2008. Also, the City would deposit $1.0 <br />million in escrow as security for the purchase of the Northern Property at the time of the <br />issuance of the Certificate on Segment 7. The annual fiscal year payments under the <br />Purchase Agreement will be determined during the budget process based on a review <br />of funds available and other competing projects, if any, for these funds at that time as <br />well as if the Northern Property Closing has been triggered by the issuance of the <br />Certificate on Segment 7. <br />Submitted by: <br />Emily agner <br />Economic Development <br />Fiscal Officer <br />Fiscal Review: Approv by: <br />~~~~ <br />Dave Culver Nelson Fialho <br />Director of Finance City Manager <br />Attachments: <br />1. Depiction of Area Parcels <br />2. Purchase Agreement <br />Page 6 of 6 <br />