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ITEM ~ 6. <br />ver <br />MEMORANDUM <br />TO: Housing & Redevelopment Authority <br />FROM: Catherine Mehelich, Director of Economic Developmen i~~% <br />DATE: August 7, 2006 <br />SUBJECT: Update on Acquisition of Properties Described as 716 and 720 <br />Main Street <br />Background <br />Upon the HR.A's direction last month, staff commissioned for an appraisal to be completed <br />on the properties. In addition, the HRA indicated an interest in considering a contract for <br />deed arrangement. <br />Update <br />The appraisal is expected to be complete by Monday, August 7`h. Based on the results of the <br />appraisal staff will undertake negotiations over the next two weeks with the property owner, <br />Houlton Investment Company. It is anticipated that staff will bring back a draft proposal to <br />the HR.A for action at its September meeting. <br />