DATE: July 18, 2019
TO: Members of the Economic Development Authority
FROM: Nate Carlson, Economic Development Coordinator
Mitzi Baker, Community Development Director
Title
Consider Resolution 2019-003 to approve the purchase of 510 Washington Street for $212,000
Body
SUMMARY AND ACTION REQUESTED:
The EDA Board will consider approving the purchase agreement for 510 Washington Street.
BACKGROUND:
Staff has been in contact with the property owner of 510 Washington, and the owner has expressed willingness and support for the EDA to acquire the property. Staff believes that the EDA acquiring this property is a strategic move for redevelopment of the southwest corner of Washington St. S. and 5th St. E. Furthermore, this property provides an opportunity to collaborate with the Housing and Redevelopment Authority (HRA) as a temporary workforce housing strategy while redevelopment prospects are explored with the private market.
Attached to this report is the property file through the Rice County parcel data system as well as the purchase agreement.