| | | | | | | | 
Shakopee Economic Development Authority
August 7, 2019
|
| | | | | | | | | FROM: | Michael Kerski, Director of Planning & Development | | TO: | President and Board Members |
|
| | | | | | | | Subject:
Modification of Purchase Agreement for 116 Atwood Street |
| | | | | | | | Policy/Action Requested:
Approve Resolution No. E2019-009 |
| | | | | | | | Recommendation:
Approve Resolution No. ,E2019-009 Authorizing the Purchase of property located at 116 Atwood Street for the amount of $200,000 and $25,000 in relocation payment. |
| | | | | | | | Discussion:
The EDA previously approved a purchase agreement at $175,000 and $25,000 in relocation costs. The original appraisal was $172,500. Since more than six months have passed since the original agreement, the owner requested an updated appraisal. The estimated value is now $206,000 based on the current market conditions. The seller has since purchased another property in Shakopee. The seller has agreed at $200,000 for the purchase price with $25,000 in relocation. This is a similar price that was paid for the adjoin properties. They will be relocated out of the house by mid-September.
Gaughan Companies is in agreement with the increase and will reimburse the EDA once they close on their construction loan.
|
|