15-18TH AVENUE NORTH
DATE:
June 27, 1983
TO:
City Council/ HRA Board
FROM:
Jim Kerrigan
SUBJECT:
Acquisition of 15 - 8th Avenue North
As you will recall, in May of this year a resolution was approved
supporting a program to acquire land and buildings within the CBD
Redevelpment Business District Program Area which are substandard,
blighted or improper land uses. At the present time, the Staff is
recommending the acquisition of IS-8th Avenue North (former Reptile
House). This property is presently listed for sale, and thus we
would have a willing seller. Furthermore, as of July 1, the structure
will be vacant and no relocation costs would be required.
The main reason for acquisition of this site is that the present use
and building is not the highest and best use of this property and
not consistent with long range development of this area. Because
the city already owns the parcel directly to the south, acquisition
of the subject parcel would provide a land area which is more
marketable and conducive to a "quality development" than a smaller
parcel.
The subject parcel is presently listed at $130,000. The HRA Staff
con-tracted wi th an independen t appraiser for an appraisal of the
property (Bjorn Appraisals). This appraisal shows a fair market
value of $106,000.
At this time, I am requesting HRA/City Council approval to undertake
acquisition of this property. CBD Redevelopment Project Area Tax
Increment dollars will be used for acquisition. This Project Fund
will have surplus dollars with the July County settlement and thus
a land sale would not be necessary.