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iV10UNDS VIEW ECONOMIC DEVELOPMENT AUTHORITY <br />REQUESi FOR EDA CONSIDERATIDN <br />ST.�FF REPORT <br />EDA vtEETING DATE June 24, 1996 <br />EDA Action: <br />❑ Special Order of Business <br />❑ Public Hearings �enda Section:� Q <br />❑ Consent Agenda Report Number: Fnn_qh-54C <br />[�} EDA Business Report Date: _ _ <br />[tem Description: Consideration of Resolution No. 96-EDA-49 Approving and Authorizing t e � <br />Acquisition of 8265 Silver Lake Road Property for Redevelopment Purposes a' <br />Esecutive Director's Review/Rec;ommendation: <br />- No comments to supplement tliis report <br />- Comnierits attaclieu <br />E.Yplauation/Summary �auach supplcment sheets as necessary) <br />S iJ�ti� W RY: <br />I was contacted by the Department of Housing and Urban Development (HCTD) regarding the <br />purchase of 8265 Spring Lake Road by the City of Mounds View on Tuesday, May 28, 1996. <br />HUD, at that time, offered us the property at $70,200. We informed HUD that due to the <br />condition of the foundation, we would not consider purchasing the property at_ that price. <br />On May 30, 1996, we had an appraisal conducted on the property. The appraisal showed a <br />market value of $52,000, We sent H[JD a copy of our appraisal and stated that we would not pay <br />over the appraised amount shown. � <br />H[ID stated that their appraisal did not reflect the condition of the foundation. Apparently, the <br />basement of the property was full when their appraiser conducted the appraisal and could not see <br />the foundation. Their second appraisal had a market value of $55,000 and they have offered the <br />property to the City at a 10% discount for $49,500. <br />HUD sent us the purchase agreement and asked that we return it to them by June 27, 1996. We <br />have forwarded copies to the City Attorney and it should be completed by early next weelc. <br />Staff will provide a copy of the Resolution authorizing the execution of a purchase agreement at <br />the Ju�e 24 meeting, � <br />� <br />� ' fc`.�C' ��/ f�' '?�r-..-o.�— <br />Je fer B r�man, Ho sing Inspector <br />,� <br />RECO�t,�tEVD,�Trov: Approve or deny Resolution authorizing the execution of a purchase <br />agreement for 8265 Spring Lalce Road <br />