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Acquisition of 14165,,,,Ramsey Boulevard NW <br /> <br />By: Scan Sullivan, Economic Development / TIF Specialist <br /> William Goodrich, City Attorney <br /> <br />CASE # <br /> <br />Background: <br /> <br />Stuff 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 />their properties on the market. Staff has discussed the market value of this parcel with a <br />local real estate firm and it was determined that the price should be $800,000. No official <br />appraisal has been completed. The asking price is $1,120,000 and a purchase agreement <br />for that amount has been negotiated with Fisher Enterprises, Inc.. Fisher Enterprises has <br />an outstanding purchase agreement with the Fee Owners which is to close in April, 2006. <br />Acquisition of this property would be funded'through TIF Bonding, Staff has advised <br />t~isher Enterprises, Inc. of possible relocation qualification and benefits. It is the position <br />o1' Staff' that there is no relocation due to the open market sale and the willing.seller. As <br />o~ this writing, Fisher Enterprises, Inc. has agreed to waive any relocation, however has <br />no contact with the fee owner has been made regarding the relocation issue. Staff is <br />requesting that the City Council approve the attached purchase agreement for the subject <br />property <br /> <br />Recommendation: <br /> <br />Staff recommends that City Council accept the attached purchase agreement and to <br />purchase 14165 Ramsey Boulevard NW <br /> <br />Council Action: <br /> <br />Approve attached Purchase Agreement and acquire 14165 RarnseY Boulevard NW <br /> <br />Reviewed by: <br />Community Development Director <br /> <br />CC: 10.25.05 <br /> <br />-309- <br /> <br /> <br />