01-02-2007 HRA MIN - Laserfiche WebLink

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Housing & Redevelopment Authority Page 3 January 2, 2007 ----------------------------- 7. Discuss Reduced Sale Price for Properly Described as 356 Jackson Avenue Ms. Mehelich stated property at 356 Jackson Avenue has had a price reduction and the realtor asked the HRA to reconsider purchasing the property. Chair Wilson noted the reduction in the price was quite sizeable but that the HRA recently purchased two other properties and didn't have funds available at this time. Commissioner Motin concurred. He stated the Redevelopment Task Force is not far enough along in the process of evaluating the needs/wants of the redevelopment for this area so it would be premature to purchase this property. Commissioner Toth stated it would be appropriate to let the market decide if the reduced price is worth it for someone else to purchase the property. 8. Discuss Property for Sale at 620 iin~ Avenue Commissioner Motin stated he was the administrator for this property a few years ago. He stated the property was in extremely poor condition but the current owner has made improvements to the property, is leaving town, and would like to sell it. He stated the purchase price is $150,000. Commissioner Motin stated the HRA is not in the position to spend funds for another property and does not have a plan for it but developers own much of the surrounding property so it may be ripe for redevelopment. He stated there are safety issues with the 6th Street intersection along TH 10. Commissioner Toth stated the price for this property seems to be a fair buy due to its size and location between two commercial areas. Commissioner Kuester questioned if this area had been considered for neighborhood commercial zoning during the comprehensive plan update. Chair Wilson stated the access in this area is very difficult. Ms. Mehelich stated the HRA should create a redevelopment plan for this property prior to consideration of acquiring it. She stated staff could find out more information regarding the area surrounding the property and bring it back for discussion at the next HRA meeting. Mr. Clark questioned if the intent of the HRA would be to complete the rehabilitation of the property and lease it out, or to buy and hold it. Commissioner Motin stated it would be to buy and hold it. 9. Other Business There was no Other Business. 10. Adjournment There being no further business, Mayor Klinzing adjourned the meeting of the Elk River City Council at 5:25 p.m.