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CASE <br /> <br /> Acquisition of 14040 Azurite St NW <br /> <br />By: Sean Sullivan, Economic Development / TIF Specialist <br /> William Goodrich, City Attorney <br /> <br />Background: <br /> <br />Staff has been directed by the EDA to facilitate development and redevelopment activity <br />and to acquire properties in the City's Development District No. 1 as wiling sellers put <br />their properties on the market. The property located at 14040 Azurite Street NW (known <br />as the Bakestar Property) was put up. for sale on the open market. Staff has obtained an <br />appraisal and an environmental assessment of the property and has presented an offer of <br />$532,000 for the property contingent on City Council approval. The acquisition of this <br />property would be funded through TIF District No. 2 and CDBG. Staff feels that the <br />acquisition of this property is consistent with the development program of TIF district <br />No. 2 and will promote quality development on the site. Staff is requesting that the City <br />Council approve the attached purchase agreement for the subject property <br /> <br />Recommendation: <br /> <br />Staff recommends that City Council accept the attached purchase agreement and to <br />purchase 14040 Azurite Street NW. <br /> <br />Council Action: <br /> <br />Approve attached Purchase Agreement and acquire 14040 Azurite St NW. <br /> <br />Reviewed by: <br />City Administrator <br /> <br />CC: 07/27/04 <br /> <br /> <br />