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Item # 8 <br />City of <br />Elk -~-, <br />River <br />MEMORANDUM <br />TO: Housing & Redevelopment Authority <br />FROM: Catherine Mehelich, Director of Economic Development <br />DATE: March 2, 2009 <br />SUBJECT: Discuss Reduced Sale Price for Property Described as 356 Jackson Ave <br />Attachments <br />Current Listing Profile for 356 Jackson St, Elk River -Prettier Commercial Properties <br />HRA October 2, 2006 Meeting Minutes. <br />HRA January 2, 2007 Meeting Minutes <br />Issue <br />At its October 2006 meeting the HRA reviewed a fisting profile dated August 2006 for the property <br />located at 356 Jackson Avenue. The listing price was $389,900. It was the consensus of the HRA <br />not to consider acquisition of the property due at that time due to the limited resources and the <br />undetermined redevelopment potential of the property until the Downtown Redevelopment Plan is <br />completed. Staff notified the listing agent of the HRA's discussion. <br />Subsequently in January 2007 the sale price was reduced to $299,900. Following review the HRA <br />issued a similar response to the owner's request. <br />Most recently staff received new information from the property owner, Mr. Ken Beaudry, who <br />requested the HRA's reconsideration with a new reduced price of $179,900 as noted on the attached <br />listing profile. In addition the owner indicated to staff that the sale price includes the owner's <br />removal of pumps, tanks and any related environmental clearances. <br />Staff requests the HRA's direction on this issue based on the new information. <br />S:ADowntown Revitalization\Memos~2007\3.2.09 cirdec.doc <br />