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MEMORANDUM <br /> DATE: November 15, 2000 <br /> TO: St. Anthony H.R.A. <br /> FROM: Michael Mornson, Executive Director <br /> ITEM: STAFF REPORT - PURCHASE OF CUSTOM LIQUIDATORS <br /> The.attached resolution authorizes the Chair and Executive Director of the H;R:A. to enter <br /> into a purchase agreement to purchase the Custom Liquidators building at 2654 Kenzie Terrace <br /> for $600,000. The purchase agreement will be developed by the City Attorney, and will <br /> include all recommendations, contingencies, etc. <br /> The funds for this purchase will come out of the Chandler TIF District (see attached memo <br /> from the Finance Director). Once acquired, which I anticipate will be April of 2001, the City <br /> would receive bids for demolishing. This property is approximately 39,000 square feet. The <br /> other property on Kenzie Terrace which was purchased earlier, is approximately 36,000 square <br /> feet in size. <br /> The owner purchased the property in 1995 for $320,000. In 1999 we authorized an appraisal of <br /> the property which came in at $575,000.(see attached appraisal) . As you may remember, <br /> earlier this year, the owner was offered a purchase price of$650,000 by a church. <br />