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37 <br /> MEMORANDUM <br /> DATE: April 22, 1996 <br /> TO: Mayor and Councilmembers <br /> FROM: Michael Mornson, City Manager <br /> ITEM: DEVELOPMENT UPDATE <br /> • The Lundeen house is for sale. The City has the $500,000 in the TIF <br /> account set up to purchase those 10 or so homes on Kenzie Terrace. <br /> With the Council's permission, I would like to negotiate to buy the <br /> house. I think we should attempt to buy them as they come up for sale <br /> and then raze them. If we let them go out on the open market, it may be <br /> more difficult to get the property redeveloped. Once we raze one, <br /> others may follow. There are a handful of developers looking at this <br /> area for redevelopment. This $500,000 is one area we may want to <br /> increase when we amend the TIF budget later this year. Please let me <br /> know what you think of this idea. Attached is a map of the area with <br /> attached county values. The Lundeen home is valued at $69,000. They <br /> would like $70,000 - $80,000. <br /> • <br />