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4.4. HRSR 02-04-2002
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4.4. HRSR 02-04-2002
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City Government
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HRSR
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2/4/2002
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Property for Sale—204 Lowell Ave <br /> February 4,2002 HRA Meeting <br /> Page 2 of 2 <br /> Recommendation <br /> One of the implementation policies to be discussed at the HRA meeting includes the City's <br /> evaluation of potential property acquisition from willing sellers. Early acquisition from <br /> willing sellers can make redevelopment more affordable by reducing later acquisition, <br /> potential condemnation and relocation costs. At the same time, the HRA should consider <br /> potential holding and financing costs attributed to acquisition prior to a redevelopment <br /> proposal or project. <br /> The HRA may consider a discussion of the following options regarding the property for sale: <br /> • Purchase the property to avoid potentially significant higher acquisition and <br /> relocation costs at a later time. The property could be held and reevaluated upon <br /> developer interest. If the area is not part of a redevelopment project the HRA could <br /> put the property back on the market to recapture some or all of the initial acquisition <br /> cost. <br /> • Do nothing. <br />
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