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PROPERTY DETAILS: 8020 147TH AVE NW, 1.43 acres <br />• Recently purchased by the City for $800,000. <br />• Reason for purchase: Armstrong interchange project <br />• EDA paid $600,000. <br />• Reason for EDA involvement: Armstrong interchange seen as a major economic development driver. EDA felt <br />this property in comparison to the properties to the South (which were also acquired by the City) would retain <br />the most economic value (only a small portion of this property will be used for right of way). <br />• Existing buildings are outdated metal structures use mainly for storage (cold storage). <br />• Staff suggests the City move forward with attaining bids for demolition of the two existing buildings. <br />• Reason for demolition: position property for future sale and reduce maintenance /liability costs. <br />