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Authorize Acquisition of 14230 Basalt St NW <br /> <br />By: Sean Sullivan, Economic Development / TIF Specialist <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 willing sellers put <br />thcir properties on the market. Recently, the property located at 14230 Basalt Street NW <br />was put up for sale on the open market. Staff has obtained an appraisal and has presented <br />an off'er of $315,000 which includes relocation for the property. The acquisition of this <br />property would be funded through TIF District No. 2. Staff feels that the acquisition of <br />this property is consistent with the development program of TIF District No. 2 and will <br />promote high quality development on the site. The intention of the City is to relocate <br />Dave Perkins Contracting to 7060 143rd Avenue NW where this business will construct a <br />new building. Staff is requesting that the City Council authorize the acquisition of this <br />parccl and to execute to the documents necessary to transfer the property into city <br />ownership. <br /> <br />Recommendation: <br /> <br />Staff rccommcnds that City Council authorize Mayor and City Administrator to execute <br />nccessary documents relating to the purchase of 14230 Basalt St NW contingent on City <br />Attorncy approval. <br /> <br />Council Action: <br /> <br />Authorize execution of a purchase agreement and related documents to complete the <br />acquisition of 14230 Basalt St NW contingent on City Attorney approval. <br /> <br />Reviewed by: <br />City Administrator <br />Finance Ol'ficer <br /> <br />CC: 09/I 3/05 <br /> <br /> <br />