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��i <br /> Eof <br /> lk — - Request for Action <br /> River <br /> To Item Number <br /> Housing&Redevelo ment Authori 7.2 <br /> Agenda Section Meeting Date Prepared by <br /> General BusinessJune 4, 2018 Amanda Othoudt,EDD <br /> Item Description Reviewed by <br /> 414 and 430 Main Street Purchase Cal Portner, City Administrator <br /> Reviewed by <br /> Action Requested <br /> Approve,by motion, a resolution authorizing the execution a purchase agreements for 414 and 430 Main <br /> Street, 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 414 and 430 Main Street 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$2,000 will be deposited at Sherburne County Abstract and Title and will draw upon <br /> the HRA reserve account. The remaining balance of$286,000 will be paid from the HRA reserve account <br /> upon closing. <br /> Attachments <br /> ■ Resolution <br /> ■ Purchase Agreement 414 and 430 Main Street <br /> POWERED 9r <br /> UREI <br />