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Discuss Property for Sale at 620 Quinn Ave <br />March 5, 2007 HRA Meeting <br />Page 2 of 2 <br />Recommendation <br />Staff is recommending that the HRA deny the request to purchase the subject property for <br />the following reasons: <br />• Minnesota Statutes require the HRA to complete a redevelopment plan prior to <br />acquiring property. A redevelopment plan has not been completed for this area, <br />therefore the HRA would likely be in a position of ownership for a long time <br />before redevelopment occurs. <br />If the HRA were to acquire the property, a decision would need to be made on <br />the HRA's intentions for the property until redevelopment occurs (hold in <br />current state, rehabilitate and rent, or demolish existing structures) <br />It is more likely that the property can be acquired and held privately, perhaps by <br />an adjacent landowner/developer, until the area is ready for redevelopment. <br />The HRA currently has limited resources at this time (financial and staf~ to <br />commit to acquisition and another significant redevelopment planning area. <br />S:\EDA\HRA\AGENDA\Year2007\620 quinn.march2007.doc <br />