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<br /> <br />City of Elk River <br />REQUEST FOR COUNCIL ACTION <br />Agenda Section Meeting Date <br />Item 4 29,2007 <br />Item Description <br />Consider offer to urchase 1217 5th Street Pro er <br /> <br />Item Number <br />4. <br /> <br />Prepared by <br />Ton a Love <br />Reviewed by <br />Bill Maertz <br /> <br />Introduction <br />City of Elk River has listed the 1217 5th Street Property with Powell Realty. Dan Kreuser has submitted <br />an offer to purchase the subject property. <br /> <br />Discussion <br />Dan Kreuser is offering $165,550 with approved financing by The Bank of Elk River. <br />All assessments and back taxes to be paid by the city and close in 60 days. <br /> <br />Financial Impact <br />. Elk River purchased the property for $144,000. <br />. Sale price of $165,550 <br />. Estimated closing costs of $4,906.31 including fees for handling the real estate transaction and <br />closing procedures. <br /> <br />Attachments <br />. Seller Estimated Net Sheet <br /> <br />Action Requested <br />Seeking City Council direction as to accepting the proposed offer. Bill Maertz, Parks and Recreation <br />Director and Reg Powell of Powell Realty will be in attendance to answer any questions. <br /> <br />Council Action <br /> <br />Motion by _ <br /> <br />Second by _ <br /> <br />Vote <br /> <br />Follow Up <br /> <br />C:\Documents and Settings\tallard\Local Settings\Temporary Internet Files\OLKF\5th st Offer request for Action (2).doc <br />