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. i, <br /> '''('Lli <br /> hi( <br /> Request for Action <br /> River <br /> To Item Number <br /> Housing&Redevelopment Authority 7.4 <br /> Agenda Section Meeting Date Prepared by <br /> General Business November 6,2017 Amanda.Othoudt,EDD <br /> Item Description Reviewed by <br /> 326 Gates Avenue Purchase Cal Portner, City Administrator <br /> Reviewed by <br /> Action Requested <br /> Approve,by motion,a resolution authorizing the execution a purchase agreement for 326 Gates Avenue, <br /> Elk River <br /> Background/Discussion <br /> At their November 7,2016,meeting,the HRA expressed interest in purchasing residential properties <br /> along east Main Street connecting to Highway 169 for a potential redevelopment project that would align <br /> with the Mississippi Connections Plan. <br /> The HRA obtained an appraisal for the property located at 326 Gates Avenue and directed staff to <br /> negotiate a purchase agreement with the seller. <br /> A purchase offer agreement was reached with the seller contingent upon approval by the HRA at a public <br /> meeting and inspection of the property. <br /> Financial Impact <br /> Earnest money of$1,000 will be deposited at Sherburne County Abstract and Title and will draw upon <br /> the HRA reserve account.The remaining balance of$109,000 will be paid from the HRA reserve account <br /> upon closing. <br /> Attachments <br /> ■ Resolution <br /> • Purchase Agreement 326 Gates <br /> 11EREB±11 <br />