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item # 7. <br />C <br />.ver <br />MEMORANDUM <br />TO: Housing & Redevelopment Authority <br />FROM: Catherine Mehelich, Director of Economic Development/~~ <br />DATE: June 26, 2006 <br />SUBJECT: Consider Acquisition of Properties Described as 716 and 720 <br />Main Street <br />Attachments <br />• Correspondence dated June 19, 2006 re: Houlton Investment Co. Property for Sale <br />• Location Map <br />Issue <br />Staff requests that the HRA consider the acquisition of 716 and 720 Main Street, which <br />includes the former Creative Genius space and the existing O'Reilly Automotive (Bumper to <br />Bumper) space. <br />Background <br />The property owner, Houlton Investment Company, recently contacted staff to discuss the <br />HRA's interest in the acquisition of the property for the purpose of expanding the City's <br />public parking lot. The properties include the space currently leased by O'Reilly Automotive <br />and the space formerly leased by Creative Genius. O'Reilly Automotive has cone-year lease <br />that expires September 30, 2007. O'Reilly Automotive has indicated their long-term <br />intentions to relocate into afree-standing building in the community. The adjacent space <br />has been vacant since its last tenant Creative Genius. The building is located adjacent to the <br />Elk River Meats building. <br />The property owner has indicated that there is one interested party for the purchase of both <br />buildings. <br />