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<br />2.4 The City Attorney has reviewed this negotiated sale and advised: <br />a. Title Insurance <br />b. Legitimate use of HRA authority <br /> <br />3Jl STAFF RECOMMENDATION <br /> <br />Staff recommends approval of this land sale. By selling the land and constructing 32 <br />housing units, the added annual property taxes will be over $65,000. With the new houses <br />on the site, the new property taxes the city will receive will cover the financial gap of <br />$39,000 in four years or less. <br /> <br />4.0 SUGGESTED COUNCIL ACTION <br /> <br />By resolution, find that the sale of the 2.1 acres redevelopment parcel and the city owned <br />Zeece plat lot for $102,000, will make possible the construction of 32 housing units, <br />consistent with the City Comprehensive Plan and Housing Plan; with sales proceeds to be <br />returned to the City Housing Fund, and direct the City Manager to execute necessary <br />property sale and transfer documents after the city attorney reviews. <br /> <br />Attachment: Exhibit A <br />Resolution <br />Correspondence from 1991 <br /> <br />Report by: Dennis Welsch, 490-2232 <br />M:\RCA\CITYSITE.RCA <br /> <br />2 <br />