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<br />3.0 Purchase Agreement Summary <br /> <br />3.1 Preferred Builders, being represented by Darryl Westerlund, is offering to <br />purchase the property for $40,000, demolish the existing home and build a four <br />bedroom three bath two story single family home with a two-car extended garage. <br /> <br />3.2 The home would consist of 2,100 sq.ft finished space. In addition, there will be an <br />unfinished family room and % bath in the lower level. (Attachment A - draft <br />building plan). Additional modifications may be made to the exterior to ensure <br />quality street appeal. <br /> <br />3.3 It is estimated that the home will have a market value of $210,000. This will <br />generate approximately $3,800 taxes annually, of which $690 comes directly to <br />the City. Current annual taxes equal approximately $1,140 ($200 City share). <br /> <br />3.4 The land would be sold on a contract for deed basis, which will be released upon <br />satisfactory completion of the construction and will include landscaping and any <br />other requirements per the Housing Replacement Program Design and Site <br />Criteria. (attachment B) <br /> <br />3.5 The City Attorney has reviewed the contract for deed and is confident that this <br />gives the City the best assurances of performing under the program requirements. <br /> <br />4.0 Staff Recommendation <br /> <br />The staff recommends approval of the resolution (Attachment C) to sell the property at <br />2190 St. Croix Street as part of the Housing Replacement Program to Preferred Builders <br />for the construction of a four bedroom, three bath two story single family home. The <br />resolution provides the City Manager the authorization to execute the contract for deed as <br />approved by the City Attorney. <br /> <br />5.0 Suggested Action <br /> <br />By resolution, approve the sale of 2190 St. Croix Street for $40,000, authorizing the City <br />Manager to execute a contract for deed contingent upon City Attorney review and <br />approval. <br /> <br />Attachments: A. Draft Home Plan, B. Housing Replacement Program Design and Site Criteria, C. Resolution, <br />Prepared by: Cathy Bennett, 490-2241 <br /> <br />Q:\Housing\Replacement Program\2190 St. Croix sell rca,doc <br /> <br />RCA - 2190 St. Croix 11/23/98 - Page 2 of 2 <br />