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CASE # <br /> <br /> Acquisition of Lotil, BlOCk 2,Gateway North Industrial Park <br /> <br /> BY: iWilliam GOodrich, City Attorney <br /> Senn Sullivan; Economic De~e!opment / TIF Specialist <br /> <br />Background: ~ <br /> <br />Staff has been directed by the, EDA and City Council to facilitate development and <br />redevelopment activitY and to acquire Properties in the City's Development District No. 1 <br />as willing sellers put their progCrties onithe ~arket. In November the property located at <br />7060 143rd Avenue NW was tlUt up fo~ sale On the open market. Staff has obtained an <br />appraisal and an environmentai!assessffient of the property and has presented an offer of <br />$170,000 for the property contingent on City !Council approval. In addition to the stated <br />purchase price, an additional $30,000 Will b¢. paid to the property owner for relocation. <br />The acquisition of this propierty WoUld_be funded entirely through a Community <br />Development Block Grant (CI~BG)that was approved by City Council on January 12, <br />2005. Staff feels that:the acq~Sition of- thisil~roperty is consistent with the development <br />program of Development District No. t and it will promote quality development on the <br />site. Staff has advised the owner of pOssible relocation qualification and benefits. As of <br />this writing, the owner has ihdicated ~theirl Position on the relocation issues and has <br />accepted the proposed payment amount,i staff!is requesting that the City Council approve <br />the attached purchase agreement for the SUbject property <br /> <br />Enclosure: Draft Purchase Agreement <br /> <br />a purchase agreement and to purchase Lot <br /> <br />Recommendation: <br /> <br />Staff recommends that City enter intoi 1, <br />Block 2, Gateway North Industrial Park subject to the terms and conditions in the <br />attached purchase agreement. <br /> <br />Council Action: <br /> <br />Motion to authorize a Purchase: Agreement to' acquire Lot 1, Block 2, Gateway North <br />Industrial Park, subject to citY Attorney ApProval as to form and content of terms and <br />conditions. <br /> <br />Reviewed by: <br />City Administrator <br />Community Development Director <br /> <br />CC: 03.22.05 <br /> <br /> <br />