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City of <br /> Elk - Request for Action <br /> River O. <br /> To Item Number <br /> Economic Development Authori 6.5 <br /> Agenda Section Meeting Date Prepared by <br /> General Business March 17, 2014 Jeremy Barnhart,Deputy Director, CODD <br /> Item Description Reviewed by <br /> Authorize Appraisal for Vacant Yale Court <br /> Property Reviewed by <br /> Action Requested <br /> Authorize,by motion,an appraisal of Yale Court property and the preparation of a feasibility study of <br /> road improvements. <br /> Background/Discussion <br /> At its February meeting, the EDA directed staff to prepare a funding and priority plan for the <br /> implementation of the FAST study and in particular, the transportation components. The EDA noted <br /> that property at the southern end of Yale Court to be the highest priority, due in part to the fact that it is <br /> currently for sale. <br /> While the funding plan is being developed,it is necessary to further investigate the Yale Court property. <br /> The property owner is requesting approximately$350,000 for the property,while the County Assessor <br /> values it at$173,700. An important part of this investigation and counteroffer is a third party appraisal. <br /> Additionally, the EDA should direct staff to complete a feasibility study of the road improvements, to <br /> better understand the space needs in the area. <br /> Financial Impact <br /> The appraisal is expected to cost about$5,000. The feasibility study is expected to cost about$5,000. <br /> Attachments <br /> ■ None <br /> P a w E A E U a r <br /> NaA f RE] <br />