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ITEM #6. <br />City of <br />Elk <br />River <br />MEMORANDUM <br />TO: <br />Housing & Redevelopment Authority <br />Catherine Mehelich, Director of Economic <br />Development%~~~ <br />FROM: <br />DATE: <br />December 4, 2006 <br />SUBJECT: Consider Resolution Approving Acquisition Properties Located <br />at 716 and 720 Main Street <br />Issue <br />The HRA is asked to consider final action for the acquisition of the properties located at 716 <br />and 720 Main Street from Houlton Investment Company. <br />Attachments <br />* HRA Resolution <br />* Purchase Agreement <br />* Contract for Deed <br />* Redevelopment Plan for Downtown Elk River Redevelopment Project <br />Background <br />The following tasks and statutory process has been undertaken over the past several months <br />to enable the HRA to consider final action on the acquisition of these properties: <br />* June 26, 2006 HRA discusses purchase of properties and authorizes appraisal. <br />* Aug.-Sept. 2006 Staff negotiates purchase terms with seller based on HRA direction <br /> and appraisal which supports offer of $720,000. <br />* October 2, 2006 HRA reviews draft purchase agreement terms and authorizes staff to <br /> proceed with statutory process to enable the HRA to consider final <br /> action at December 4`" meeting. <br />* November 1, 2006 HRA reviews and approves Redevelopment Plan for Downtown Elk <br /> River Redevelopment Project. <br />* November 14, 2006 Planning Commission reviews and approves Redevelopment Plan for <br /> Downtown Elk River Redevelopment Project. <br />* November 20, 2006 City Council holds public hearing and approves Redevelopment Plan <br /> for Downtown Elk River Redevelopment Project. <br />S:\Downtown Revitalization\Memos\2006\Houlton Buildings\12 4 06 HRA Houlton building purchase.doc <br />