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3.3 The land has a 1 997 assessed value of$6,900 and the improvements $34,600 assessed value. Total assessed value is $41,500. 3.4 Maureen Moore currently owns the property through a contract for deed. The property pays taxes at a non-homestead rate and is currently vacant. 4.0 Summajy of Purchase Agreement City staff has recommended an offer and the seller has accepted a purchase price $39,000 for the land and improvements with $400 (approximately 1% of the p urchase p rice) earnest money provided to the seller by the City. The offer and acceptance is contingent upon approval of the attached resolution by the Council. p � 4.2 The closing date would be set for March 13, 1998 which is approximately 30 days after execution of the purchase agreement if approved. 4.3 Taxes would be prorated from the date of closing with any delinquent taxes, assessments and fees paid by the seller prior to closing. 4.4 The seller must sign well and lead disclosure statements. 4.5 Title insurance will be obtained by the City of Roseville for the property contingent upon approval of the purchase. 5.0 staff Recommendation staff recommends approval of the resolution to purchase 100 William Street under The s pp Housing Replacement Program of the Housing Improvement Program. If approved, the Hou � p �can bed p replace . in the process to lace the home by requesting proposals from builders alders and p interested individuals usin g �the Housing Replacement Program Guidelines. Funding for the purchase and any fees associated with the purchase will come from the City Housing Fund. 6.0 SuggLested Action By resolution, a the purchase of 100 William Street for$39,000 and the execution approve p of the attar p � bed purchase ase a reement for that purchase with $400 earnest money and a closing date of March 1 , 1998. Attach mentsb. Resolution, Purchase Agreement and Plat map of property. Prepared by: Cathy Bennett, 490-2241 M Al.N-coWHRPAPPROVAL.doc IA A—2100 vvi I I is rn 02/09198- Page 2 of 2