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• <br /> MEMORANDUM <br /> DATE: September 12, 1996 <br /> TO: Chair & Commissioners, HRA <br /> FROM: Michael Mornson, City Manager <br /> ITEM: KENZIE TERRACE AND LOWRY AVENUE NE <br /> REDEVELOPMENT PROJECT <br /> In 1995, the City amended their redevelopment plan to redevelop ten residential <br /> properties along Kenzie'Terrace and Lowry Avenue NE. 2534 Kenzie Terrace is for <br /> • sale (the Tollefson house, which is one of the ten properties). <br /> The City set aside $500,000 for the purchase and demolition of the property. The <br /> resolution proposes to purchase 2534 Kenzie Terrace for $53,000.00. This is the <br /> assessor's estimated market value for 1996 minus $1-,000.00 for closing costs. The <br /> .resolution authorizes the City to purchase the property by entering into a purchase <br /> agreement with the Mr. Lundeen. I spoke met with Mr. Tollefson and he has agreed to <br /> sell to the City. Closing would occur on or before January 30, 1997. After the City <br /> takes ownership, we would then demolish the property. We would buy the additional <br /> properties as they become available. <br />