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Consider Sale of Residential Lot, 9920 Olive St.
Matt Brown, Economic Development Coordinator
The HRA is asked to consider the sale of a single-family lot at 9920 Olive Street acquired as part of the Scattered Site Acquisition program.
The property at 9920 Olive Street was acquired from the State of Minnesota as tax-forfeited property for $57,300 in early 2018. Funded primarily by the Coon Rapids Mortgage Assistance Foundation, the SSA program is intended to remove blighted houses and replace them with high-quality homes. The HRA demolished the substandard house that was located on the site and performed a geotechnical evaluation to determine suitability for construction of a new house. The HRA marketed the lot on the City's web site and Tollberg Homes offered $50,000 for the lot, which Staff believes reflects current market value. The buyer proposes to construct a house that generally meets the HRA’s established design criteria. A purchase and redevelopment agreement for the property is attached. The agreement requires the buyer to construct the proposed house by October 31, 2019 and also provides for the return of title to the HRA if the buyer should fail to perform as agreed.
Staff recommends that the HRA:
Conduct a public hearing.
Approve the purchase and redevelopment agreement with Tollberg Homes, LLC for the lot at 9920 Olive Street.
Authorize the Chair and Secretary to execute the deed.
Authorize Staff to execute other closing documents as necessary to close on the property.
Purchase and Redevelopment Agreement
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