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• <br /> MEMORANDUM <br /> DATE: May 20, 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 /> P P P <br /> properties along Kenzie Terrace and Lowry Avenue NE. 2538 Kenzie Terrace <br /> is for sale (the Lundeen house, which is one of the ten properties). <br /> The City set aside $500,000 for the purchase and demolition of the property. <br /> The resolution proposes to purchase 2538 Kenzie Terrace for $70,000.00. <br /> This is the assessor's estimated market value for 1997 minus $1,000.00 for <br /> closing costs. The resolution authorizes the City to purchase the property by <br /> entering into a purchase agreement with the Lundeen family. I met with <br /> representatives of the family and they have agreed to sell to the City. Closing <br /> would occur on or before September 30, 1996. After the City takes ownership, <br /> we would then demolish the property. We would buy the additional properties <br /> as they become available. <br /> • <br />