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Item 4 . 4 . <br /> • Jcty of El � <br /> River <br /> MEMORANDUM <br /> TO: Housing & Redevelopment Authority <br /> FROM: Catherine Mehelich, Director of Economic Development(' <br /> DATE: February 4, 2002 <br /> SUBJECT: Downtown Riverfront Revitalization Project <br /> - Consider Property for Sale located in Project Area <br /> Issue <br /> It has come to staff's attention that the property located within the HRA's identified <br /> revitalization project area is for sale. Staff recommends the HRA's consideration and <br /> • discussion of an acquisition of the property to avoid costly condemnation or relocation upon <br /> a redevelopment project moving forward. <br /> Attachments <br /> • Site Map <br /> • MLS Listing Information <br /> Overview <br /> The property located at 204 Lowell Avenue has been listed for sale since approximately <br /> September 2001. The property includes a small single family home. <br /> The current asking price for the property is $74,900. In talking with the realtor there are no <br /> pending offers,as of February 1, 2002, however, there is a party that has indicated serious <br /> interest within the last week. This party has indicated to staff interest in making <br /> improvements to the property,which would likely increase the value. <br /> Early discussions with developers indicate the most redevelopment interest for this area <br /> located south of Main Street between Lowell Avenue and King Avenue. The area provides <br /> the greatest opportunity for an increased residential density development that can take <br /> advantage of the river view. Staff believes this area is likely to be of the most interest to the <br /> development community when responding to requests for proposals. <br /> • <br />