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Request for Action <br /> <br /> <br />To Item Number <br />Housing & Redevelopment Authority 4.5 <br />Agenda Section Meeting Date Prepared by <br />Consent August 5, 2019 Amanda Othoudt, EDD <br />Item Description Reviewed by <br />420 Main Street Purchase Cal Portner, City Administrator <br />Reviewed by <br /> <br /> <br />Action Requested <br />Approve, by motion, a resolution authorizing the execution a purchase agreement for 420 Main Street, <br />Elk River. <br /> <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 /> <br />The HRA obtained an appraisal for the property located at 420 Main Street and directed staff to negotiate <br />a purchase agreement with the seller. <br /> <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 /> <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 $210,500 will be paid from the HRA reserve account <br />upon closing. In addition, relocation costs of $3,520 will be paid to the seller. <br /> <br />Attachments <br /> Resolution <br /> Purchase Agreement 420 Main Street (to be delivered at the meeting) <br /> <br /> <br />