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3.0Staff Recommendation <br />3.1City and HRA staff recommend that the HRA discuss pursuing eminent domain for the <br />acquisition and subsequent demolishing of property located at 2012 Eldridge for the <br />following reasons. <br />Relieve the neighborhood of the nuisance and unsightly condition of the dilapidated <br />home. <br />Eliminate city staff, Council and attorney time and cost in providing ongoing code <br />compliance of the existing home. Staff estimates that if the property is not sold it will <br />continue to remain in violation of the city code and additional abatements will be <br />required. <br />Redevelopment of the property would increase the value of the property and <br />neighborhood. Previous successful single-family property replacements that the City has <br />participated in have generated between 150% - 350% increases in market value within 3- <br />4 years. <br />3.2As a first step in that process, staff and HRA attorney recommend that an appraisal be <br />issued to determine fair market value for the property. <br />4.0Suggested HRA Action <br />4.1By motion, direct staff to seek an appraisal for the property at 2012 Eldridge to determine <br />fair market value and prepare the process for eminent domain to be reviewed by the HRA <br />at a future meeting in April or May. <br />Prepared by: Cathy Bennett, 792-7072 <br />Attachments: site location, property pictures, code violation letter, city attorney memo <br />\\Victoria\CommDev\Housing\Housing Files (HF)\HF0020_2012 Eldridge\2012 Eldridge Repor to HRA.doc <br /> 2012 Eldridge Request 03/16/04 - Page 3 of 3 <br /> <br />