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MEMORANDUM <br /> DATE: October 6, 1999 <br /> TO: Chair and Commissioners, HRA <br /> FROM: Michael Morrison, Executive Director <br /> ITEM: INFORMATION ON HARDIES <br /> To purchase the property, the City would need to complete the following: <br /> Title search: 30 days <br /> Phase 1 Environmental: 45 days; cost is unknown at this time <br /> Option for appraisal: 45 days (approximately November 20); BCI, cost of$3,000 <br /> Listing price: $500,000 for a 40,000 square foot lot <br /> After meeting with a realtor on October 6, the owner indicated that he will sell the property for <br /> $400,000. Ramsey County has the property appraised at $275,900. The City purchased the Tires. <br /> Plus facility with 60,000 square feet for $750,000. However, we are also receiving rental income <br /> from Tires Plus. If we are interested in adding this to our TIF plan, it is possible to close prior to <br /> December 31, 1999. however, with all property transactions, issues and problems do occur which <br /> could impact closing. <br />