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approached by the Vrundy's regarding the sale of their home. Through negotiation a purchase price of $63,000, which is the 1998 appraised value, was agreed upon by both parties. 3.0 2018 Hamline Ave. N Propertv Facts 3.1 The home at 2018 Hamline Ave N is a 1 story, single family dwelling with a detached frame 2-car garage on a 116.09' x 133.6' rectangular sized site. The property is located in R-1 zoning South of St. Rose of lima Church on the Corner of Hamline and Shryer. 3.2 The home was built in 1938. The home includes 640 square feet of living space with a 360 square foot basement that includes the only bathroom for the home. The home has two small bedrooms, kitchen, living/dining area and back entry on the main level. The overall condition of the home is fair. There is deferred maintenance along with functional obsolescence due to the condition of electric and mechanical systems and the lack of a first floor bath. 3.3 The land has a 2000 assessed value of $45,500 and the home improvements $1,000. Total assessed value is $46,500. 3.4 The lot size meets current code and is large enough to build a new single family home that would meet the needs of today's families. 3.5 Staff is proposing that GMMHC (HousingResource Center) serve as the contractor for the design and construction of a new home and market the property to a first time home buying family with children. The City would sell the property to GMMHC for $1 and in turn they would demo the existing home, build a new home to our specification and sell to an appropriate family as a first time home. This approach, rather than selling the lot on the open market, would provide a greater level of accountability and control over costs, design and quality of construction. In addition the HousingResource Center can provide the necessary assistance to a prospective homeowner to ensure that the cost of the home will be affordable for a first time homebuyer. The homeowner would be required to have adequate home ownership training to help educate on the costs and value of home maintenance and in turn creates long-term livability of the home. Any profit generated from the sale of the home will come back to the city to help defray the cost of purchasing the home. Staff will prepare a purchase agreement between the City and GMMHC and come back to Council for consideration of final approval in June. RCA PF #3312 - HRP, 2018 Hamline 05/07/01 - Page 2 of 3