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City of <br />Elk — <br />River <br />Request for Action <br />To <br />Item Number <br />Housing & Redevelo ment Authori <br />7.5 <br />Agenda Section <br />Meeting Date <br />Prepared by <br />General BusinessJanuary <br />2, 2018 <br />Amanda Othoudt, EDD <br />Item Description <br />Reviewed by <br />First Amendment to the Purchase Agreement for <br />Cal Portner, City Administrator <br />Reviewed by <br />326 Gates Ave. <br />Action Requested <br />Approve, by motion, the first amendment to the purchase agreement for 326 Gates Ave. <br />Background/Discussion <br />At their November 6, 2017, meeting, the HRA approved the purchase of 326 Gates Ave. contingent <br />upon inspection of the property. <br />An inspection of the property was completed on November 21, 2017. The HRA discussed the report and <br />the offer at their December 1, 2017, meeting and directed staff to renegotiate the purchase agreement <br />with the seller. <br />The seller has agreed to fix the minor issues identified in the first amendment prior to closing with no <br />change to the purchase price. <br />Seller is requesting that the closing date be rescheduled to February 2, 2018. <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 />■ First Amendment to the Purchase Agreement (to be delivered at the meeting) <br />P a w E A E U s r <br />NaA f RE] <br />