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<br />Request for Action <br /> <br /> <br />To Item Number <br />Housing and Redevelopment Authority 7.2 <br />Agenda Section Meeting Date Prepared by <br />General Business January 2, 2018 Amanda Othoudt, EDD <br />Item Description Reviewed by <br />Main Street Redevelopment Project Cal Portner, City Administrator <br />Reviewed by <br /> <br /> <br />Action Requested <br />Direct staff, by motion, to obtain appraisals for property PID 75-401-0130 and PID 75-401-0140. <br /> <br />Background/Discussion <br />At their November 7, 2017, 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 /> <br />There are seven properties in the proposed redevelopment area. One property has been purchased and <br />staff is set to close on a second property in mid-January. <br /> <br />Staff is working with the property owner of two more properties within the redevelopment area and is <br />seeking approval to obtain appraisals for property PID 75-401-0130 and PID 75-401-0140. <br /> <br />Financial Impact <br />The total cost of the appraisals is $4,000, which is budgeted as Miscellaneous Acquisition of Property. <br />The HRA will utilize reserve funds for the purchase of all seven properties. Interfund loan resolutions <br />were approved by the HRA and Council in the event a TIF District is created in the future and used to <br />pay back acquisition, demolition and site prep costs incurred as part of this project. <br /> <br />Attachments <br /> Casserly Appraisal Proposals (December 19, 2017) <br /> <br /> <br />The Elk River Vision <br />A welcoming community with revolutionary and spirited resourcefulness, exceptional <br />service, and community engagement that encourages and inspires prosperity <br />