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REQUEST FOR COUNCIL CONSIDERATION Agenda Section 4 <br /> STAFF REPORT Report Number.9 6-17 4 2W <br /> Report Date: 5/30/96 <br /> IIIWORKSESSION MEETING DATE <br /> June 3. 1996 <br /> Item Description: <br /> Update on 8265 Spring Lake Road <br /> Review/Recommendation: Cft-../ <br /> -No Comments to supplement this report <br /> -Comments attached. <br /> Explanation/Summary(attach supplement sheets as necessary) <br /> Summary: <br /> I was contacted by the Department of Housing and Urban Development (HUD) regarding the purchase of <br /> 8265 Spring Lake Road by the City of Mounds View. I was notified that if the house was NOT eligible for <br /> FHA financing, the City would be offered the property before the public. <br /> On Tuesday, May 28, a representative from HUD contacted me stating that the house was not eligible for <br /> FHA financing and that the appraised value of the house was $78,200; however, they would reduce the price <br /> to 70,200 which is a 10% discount. Building Inspector Rick Jarson conducted an inspection and determined <br /> 0 that the foundation walls are bowed inward indicating failure to resist the lateral soil pressures. HUD's <br /> appraisal does not reflect the problem with the foundation. I informed HUD that because of the condition of <br /> the foundation, we would not consider purchasing the property for $70,200 but would have an appraisal and <br /> make them a fair offer. <br /> We have contracted services with an appraiser and informed him of the problem with the foundation. We <br /> hope to have the results of the appraisal to you by Monday. <br /> Jennifer Berian, Hous'•. Inspector <br /> ice% <br /> • <br /> • <br />