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REQUEST FOR ECONOMIC DEVELOPMENT AUTHORITYACTION <br />Date:10/19/2016 <br />Item No.:9.b <br />Department ApprovalExecutive DirectorApproval <br />Item Description: Consider Purchase Agreement for 196 S. McCarrons Boulevard <br />B <br />ACKGROUND <br />1 <br />On September 19, 2016 the Roseville Economic Development Authority (REDA) met in Closed <br />2 <br />Session to discuss acquiring 196 S. McCarrons Boulevard using the Housing Replacement Program. <br />3 <br />Staff was given direction to negotiate with the Seller’s representative. The agreed upon sale price of <br />4 <br />the property was $110,000 and a closing date of November 30, 2016was established. <br />5 <br />PO <br />OLICYBJECTIVE <br />6 <br />On September 19, 2016 the Board determined that 196 S. McCarrons Boulevard met the guidelines <br />7 <br />of the Housing Replacement Program. <br />8 <br />BI <br />UDGET MPLICATIONS <br />9 <br />The REDA has $531,000 in the 720 Single Family/Housing Replacement Program for acquisition of <br />10 <br />property and the costs associated with acquiring, closing, inspecting, demolishing,and resellingof <br />11 <br />property. <br />12 <br />SR <br />TAFF ECOMMENDATION <br />13 <br />Authorize Entering Into aPurchase Agreement for 196 S. McCarrons Boulevard under the Housing <br />14 <br />Replacement Program. <br />15 <br />RCA <br />EQUESTED OUNCIL CTION <br />16 <br />Authorize the resolution to Enter Into a Purchase Agreement to Acquire 196 S. McCarrons <br />17 <br />Boulevard using Housing Replacement Program funds. <br />18 <br />Prepared by:Jeanne Kelsey, Community Development Department, 651-792-7086 <br />Attachments:A:Housing Replacement Program <br />B: Resolution <br />C: Purchase Agreement <br />Page 1of 1 <br /> <br />