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STAFF REPORT <br /> DATE: March 23, 1993 <br /> TO:- Housing and Redevelopment Authority <br /> FROM: Thomas D. Burt, City Manager <br /> SUBJECT: 3112 Silver Lake Road <br /> The City received two offers for 3112 Silver Lake Road; one for $5,000 and another for <br /> $20,000. The HRA purchased the lot and home for $42,000. <br /> I have rejected the $5,000 offer and am still negotiating with Advance Design, who made the <br /> $20,000 offer. The attached map shows the land values for the surrounding lots. The lots are <br /> comparable in size and character to 3112 Silver Lake Road. The proposal from Advame <br /> Design is attached and describes how they arrived at their offer. <br /> This evening the HRA needs to consider a reasonable price for the lot. If Advance Design <br /> does not want to purchase the property for that price, the City could place a "For Sale" sign <br /> on the property. If we were to sell it this way, would the HRA be willing to pay realtor <br /> commission fees? <br /> The existing home will be used for fire training by the Fire department when weather <br /> permits. <br /> • <br />