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4.0 Summary of Purchase Terms <br />4.1 City staff made an offer to purchase the home contingent upon Council approval, for <br />the appraised value of $63,000. The owner of the property is willing to accept the <br />offer based upon an acceptance letter dated April 24, 2001. <br />4.2 The closing date would be set for May 24, 2001 or before to accommodate the <br />sellers schedule for closing on an alternate residence out of state. <br />4.3 Taxes would be prorated from the date of closing with any delinquent taxes, <br />assessments, and fees paid by the seller prior to closing. <br />4.4 The sellerwill be required to sign well and lead disclosure statements and have any <br />existing wells sealed per Minnesota Health Department Standards. Staff will work <br />with the Minnesota Health Department on any existing or sealed well issues. <br />4.5 Typical sellers closing costs would be covered by the City up to $400 as part of the <br />purchase terms which is typical in previous agreements. <br />5.0 Statf Recommendation <br />5.1 City staff recommends approval of the attached resolution to purchase 2018 <br />Hamline Ave. N under the Housing Replacement Program. Funding for the <br />purchase and any fees associated with the purchase will come from the City <br />Housing Fund. <br />6.0 Suggested Council Action <br />6.1 By resolution, approve the purchase of 2018 Hamline Avenue N for the appraised <br />value of $63,000 and authorize the City Manager or designee to sign closing <br />documents on or before May 24, 2001. The funding source is to be the Roseville <br />Housing Fund. <br />Prepared by: Cathy Bennett, 490-2241 <br />Attachments: Acceptance Letter, Draft Resolution, Site Map <br />Q:\Planning Files\3312_2108 Hamline1201 8 Han'111�e Purchase Approval.doc <br />RCA PF #3312 — HRP, 2018 Hamline 05/07/01 - Page 3 of 3 <br />