2022.07.18 CC Packet - Laserfiche WebLink

Home

Memorandum To: Bryan Bear, City Administrator From: Rachel Juba, Community Development Director Date: July 14, 2022, for the City Council Meeting of July 18, 2022 Re: Purchase Agreement for the Property Located at 14716 Fondant Avenue North 1. BACKGROUND: The City has been purchasing property in the downtown area from willing sellers since 1999 for economic development purposes as a way to facilitate redevelopment in the downtown. Currently the City owns parcels in the downtown area, east of Highway 61 between 147th Street and 146th Street, totaling approximately 5 acres. Staff was notified by the property owner at 14701 Fondant Avenue North that they are planning on selling their property which contains a duplex with existing renters. This property, if purchased, would be added to contiguous land the City already owns. Staff reviewed the assessed value by Washington County ($340,300), comparable sales, and trends in percent value change over the last few years in the area. With that staff worked on an offer of $365,000 which was acceptable to the property owner. Staff relayed that the offer was contingent on City Council approval. Staff drafted the purchase agreement contingent on City Council approval. 2. EDA RECOMMENDATION: Staff informed the EDA that the property owner was interested in selling the property at its meeting on February 15, 2022. The EDA discussed the estimate market value and agreed that the property would be beneficial for the City to own due to its location to other City owned property. The EDA unanimously made a recommendation to continue negotiating with the property owner and purchase the property. 3. STAFF RECOMMENDATION: Staff recommends approval of the purchase agreement for the property located at 14716 Fondant Avenue North with a purchase price of $365,000. Attachments: 1. Location Map 2. Purchase Agreement G.6