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3.0 2668 Lexinaton Street Propertv Facts 3.1 The home at 2668 Lexington Street is a 1.5 story, single family dwelling with a detached frame garage on a 70' x 160' site (map attached). The property is located in R-1 zoning across Lexington from City Hall in the City Center Redevelopment Area. 3.2 The home was built in 1922 with the garage added in 1974. The square footage of the home is 1,036 sf. The home has three bedrooms, one bath and a full basement. The exterior consists of vinyl siding and shingled roof. The overall condition of the home is poor to fair. 3.3 The land has a 1997 assessed value of $22,000 and the improvements $42,800. Total assessed value is $64,800. 3.4 Mary Johnson currently owns the property. Recent sales information includes the purchase in 1981 for $56,000 and in 1994 for $61,000. The property pays taxes at a homestead rate and is currently occupied by the owner. 4.0 Summary of Purchase Agreement 4.1 City staff made an offer to purchase the home contingent upon Council approval, for the assessed value of $64,800. By purchasing the property at or below the assessed value the City is not required to conduct an appraisal which saves an estimated $500. The owner of the property is willing to accept the offer. Earnest money provided by the City would be 1 % of the purchase price. 4.2 The closing date would be set for May 28, 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 has signed well and lead disclosure statements. 5.0 Staff Recommendation 5.1 The staff recommends approval of the attached resolution to purchase 2668 Lexington Street under the Housing Replacement Program of the Housing Improvement Program. Funding for the purchase and any fees associated with the purchase will come from the City Housing Fund. RCA - 2668 Lexington 04/27/98 - Page 2 of 3