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Memorandum <br /> <br /> <br />To: Bryan Bear, City Administrator <br />From: Rachel Juba, Community Development Director <br />Date: August 11, 2021, for the City Council Meeting of August 16, 2021 <br />Re: Purchase Agreement for the Property Located at 14696 Fondant Avenue North <br /> <br /> <br />1. BACKGROUND: <br /> <br />The City has been purchasing property in the downtown area from willing sellers since 1999 for <br />economic development purposes as a way to facilitate redevelopment in the downtown. <br />Currently the City owns parcels in the downtown area, east of Highway 61 between 147th <br />Street and 146th Street, totaling approximately 5 acres. Staff was notified by the property <br />owner at 14696 Fondant Avenue North that they are planning on moving and selling their <br />house. This property, if purchased, would make all of the property the City owns in this area <br />contiguous. Staff reviewed the assessed value by Washington County ($375,000), comparable <br />sales, and trends in percent value change over the last few years in the area. With that staff <br />came up with an offer of $480,000 which was acceptable to the property owner. Staff relayed <br />that the offer was contingent on City Council approval. Staff has signed the purchase <br />agreement contingent on City Council approval. <br /> <br />2. STAFF RECOMMENDATION: <br /> <br />Staff recommends approval of the purchase agreement for the property located at 14696 <br />Fondant Avenue North with a purchase price of $480,000. <br /> <br />Attachments: <br />1. Location Map <br />2. Purchase Agreement <br />G.7