Item Coversheet

4.F.


Shakopee Economic Development Authority
April 2, 2019

FROM: Michael Kerski, Director of Planning and Development 
TO:President and Board Members
Subject:
Approval of a Purchase Agreement for 303 1st Ave W
Policy/Action Requested:
Approve Resolution No. E2019-004 Approving the Execution of a Purchase Agreement with respect to Property Located at 303 First Avenue West
Recommendation:
Approve Resolution No. E2019-004 for the Execution of a Purchase Agreement for property located at 303 First Avenue West for $250,000 with an additional $25,000 in relocation expenses
Discussion:

This is the last of the three properties that make up the remainder of the block for the Riverfront Bluff Redevelopment Area. 

 

Payment of the relocation would occur on June 1, 2019.  The owner would like to remove some family heirlooms and parts of the house.  There would be a walkthrough prior to the closing on the property August 1, 2019.  The contract calls for the city paying the sellers closing costs.  The city will also be responsible for paying a three percent commission to realtor Kubes Realty. 

 

The redevelop of the site would pay for this property along with associated costs and would be reimbursed from additional TIF revenues.

Budget Impact:
ATTACHMENTS:
Description
Resolution
Contract