3. REPORT, Committee on City Property, recommending that the City Property Committee ACCEPT the BID submitted by the owner of 449 North Street and recommend that the City Council APPROVE the purchase of the selected property pursuant to the responder’s bid and subject to execution of the Memorandum Of Understanding between the City and the School Department; and further recommending that the City Council authorize the City Solicitor and Mayor to negotiate a purchase and sales contract for a price not to exceed the price enclosed in the owner’s bid and to prepare and execute all necessary documents to effectuate the acquisition.