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I <br />I <br />I <br /> <br />! <br />I <br />I <br />1 <br /> <br />I <br />I <br />I <br /> <br />I <br />I <br />I <br />I <br /> <br />Case <br /> <br />AUTHORIZE PURCHASE OF 14906 ST. FRANCIS <br />BOULEVARD FOR TH g47 STP PROJECT <br /> <br /> By: Steve Jankowski, City Engineer <br /> <br />Background: <br /> <br />The property located at 14906 St. Francis Boulevard N.W. is one of 13 properties that needs to <br />be acquired in whole to accommodate the TH #47 STP Project. This property has been vacant <br />for over 90 days and has been listed for sale by HUD. For that reason, the City can purchase this <br />property as a "protective buy" since the property is needed for this public improvement project. <br /> <br />Attached is a sales contract which was prepared by HUD for the purchase of the property in the <br />amount of $73,800. This price represents a 10% discount on the appraised value of the property. <br />The appraisal was commissioned by HUD. <br /> <br />Financing: <br /> <br />This expenditure will be financed from the moneys set aside for the TH g47 STP Project #98-14. <br /> <br />Recommendation: <br /> <br />Staff recommends that Council authorize the City Administrator to enter into the sales contract <br />for the purchase of 14906 St. Francis Boulevard N.W. <br /> <br />Council Action: <br /> <br />Motion to authorize the City to enter into a sales contract for the purchase of the property at <br />14906 St. Francis Boulevard N.W. in the amount of $73,800. <br /> <br />Reviewed by: <br /> <br />City Administrator <br />City Attorney <br />Finance Officer <br />Director of Public Works <br /> <br />CC: 9/8/98 <br /> <br />/kas <br /> <br /> <br />