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Request for Action <br />ToItem Number <br />Housing & Redevelopment Authority7.8 <br />Agenda Section Meeting DatePrepared by <br /> <br />General BusinessMay 1, 2017Amanda Othoudt, EDD <br />Item Description <br />Reviewed by <br />426 Main Street PurchaseCal Portner, City Administrator <br />Reviewed by <br /> <br />Action Requested <br /> <br />Approve, by motion, a resolution authorizing the execution a purchase agreement for 426 Main Street, <br />Elk River <br /> <br />Background/Discussion <br />At their November 7, 2017, meeting, the HRA expressed interest i <br />along east Main Street connecting to Highway 169 for a potential <br />with the Mississippi Connections Plan. <br />The HRA obtained an appraisal for the property located at 426 Main Street a <br />a purchase agreement with the seller. <br />A purchase offer agreement was reached with the seller contingent <br />meeting and inspection of the property. <br />Financial Impact <br /> <br />Earnest money of $1,000 will be deposited at Sherburne County Ab <br />the HRA reserve account. The remaining balance of $119,000 will be p <br />upon closing. <br />Attachments <br /> <br />Resolution <br />