6.5. EDSR 03-17-2014 City of
Elk - Request for Action
River O.
To Item Number
Economic Development Authori 6.5
Agenda Section Meeting Date Prepared by
General Business March 17, 2014 Jeremy Barnhart,Deputy Director, CODD
Item Description Reviewed by
Authorize Appraisal for Vacant Yale Court
Property Reviewed by
Action Requested
Authorize,by motion,an appraisal of Yale Court property and the preparation of a feasibility study of
road improvements.
Background/Discussion
At its February meeting, the EDA directed staff to prepare a funding and priority plan for the
implementation of the FAST study and in particular, the transportation components. The EDA noted
that property at the southern end of Yale Court to be the highest priority, due in part to the fact that it is
currently for sale.
While the funding plan is being developed,it is necessary to further investigate the Yale Court property.
The property owner is requesting approximately$350,000 for the property,while the County Assessor
values it at$173,700. An important part of this investigation and counteroffer is a third party appraisal.
Additionally, the EDA should direct staff to complete a feasibility study of the road improvements, to
better understand the space needs in the area.
Financial Impact
The appraisal is expected to cost about$5,000. The feasibility study is expected to cost about$5,000.
Attachments
■ None
P a w E A E U a r
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