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Added to H RA Agenda <br />Request for Action <br />Elk <br />River' <br />To <br />Item Number <br />Housing and Redevelopment Authority <br />7.4 <br />Agenda Section <br />Meeting Date <br />Prepared by <br />General Business <br />Aril 6, 2020 <br />Amanda Othoudt, ED Director <br />Item Description <br />Reviewed by <br />419 3rd Street Purchase <br />Cal Portner, City Administrator <br />Reviewed by <br />Action Requested <br />Approve, by motion, a resolution authorizing the execution a purchase agreement for 419 3rd Street, Elk <br />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 419 - 3rd Street and directed staff to negotiate <br />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 $199,000 will be paid from the HRA reserve account <br />upon closing. <br />Attachments <br />■ Resolution <br />■ Purchase Agreement for 419 3rd Street <br />The Elk River Vision <br />A welcoming community nrith revolutionary and spirited resourcefulness, exceptional p p x E R E o R r <br />service, and community engagement that encourages and inspires prosperity/� UR <br />