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<br /> <br />City of Elk River <br />REQUEST FOR COUNCIL ACTION <br />Agenda Section Meeting Date <br />Administration October 16, 2006 <br />Item Description <br />A raisals for Libra <br /> <br /> <br />Item Number <br />7.1.A. <br /> <br />Prepared by <br />Bill Maertz, Parks and Recreation Director <br />Reviewed by <br />Lori ohnson, Ci Administrator <br /> <br />Introduction <br />Council directed staff to seek appraisals of the Elk River Library and adjacent city owned properties. <br />Attached please fInd summaries of the appraisals for the Library, single family residence at 1217 5th St. <br />and the vacant residential lot at 1221 5th St. If a Council member would like a full copy of the appraisal <br />please contact Lori Johnson or Bill Maertz and one will be provided before the October 16th Council <br />meeting. <br /> <br />Discussion <br />The appraisal results are as follows: <br />. Library - $1,050,000 <br />. House at 1217 5th St. -$185,000 <br />. Vacant lot at 1221 5th St -$50,000 <br /> <br />Financial Impact <br />The library building, at it's current size, meets parking requirements and therefore the two adjacent <br />properties could be sold with no impact to alternate Library building uses. <br /> <br />Attachments <br />Summaries of three appraisals <br /> <br />Action Requested <br />None <br /> <br />Council Action <br /> <br />Motion by _ <br /> <br />Second by _ <br /> <br />Vote <br /> <br />Follow Up <br /> <br />C: \Documents and Settings \ tallard\Local Settings \ Temporary Internet Files \ OLKF\ 7 1 A Appraisals.doc <br />