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3:0 2668 Lqgngton Street Propgr&Facts Street is a 1. story, single family dwelling with a .� Tie hone at � � Lexington detached frame garage on a 70' l i 160' site (map attached). The property across Lexington from City Hall ire the City Center located i n -'# zoning Redevelopment Area. Frith the garage added in 1974. The square footage ra . The home was built .�n 1� � of the home is 1:036 sf. The home has three bedrooms, one bath and a full consists of vinyl siding basement. The exter1er oon s ]� g and shingled roof. The overall condition of the home is poor to fair. The land has a 1997 assessed value of$22,000 and the improvements $42,800. Total assessed value is $64,800. 3.4 Ma� Johnson currently owns the property. Recent sales information includes $61,000. The ro erty pays e ire 1981 for$56,000 and in 1 994 for property the purchase tapes at a homestead rate and is currently occupied by the owner. 4.0 Summary of Purchase A reeraent 4.1 City staff made an offer to purchase the home contingent upon Council approval, of $64,800. 8 r below the for the assessed value y purchasing the property at � assessed value the qty is not required to conduct an appraisal which sagas an • $500. property is willing to wept the offer. Earnest estimated The owner of the p p money provided by the City would he 1% of the purchase price. • r Isla 8 1998 which is approximately 0 dais �. The closing data would he sot for Y purchase attar execution of the agreement if approved. 4.3 Taxes would be prorated from the data of closing with any delinquent takes, assessments a nd fees p y aid h the sailer prior to closing. 4.4 The seller has signed well and lead disclosure statements. 5,0 Stgff Recommenda The staff recommends approval of the attached resolution to purchase 2668 • Housing Replacement Program of the Housing Lexington street under the Ho � R . � fees associated with the ro ram. Funding for the purchase and any Improvement P � � purchase will come from the City Housing Fund.