3. EDSR 04-18-2016 of 4 Request for Action
River
To Item Number
Economic Development Authority 3.
Agenda Section Meeting Date Prepared by
Closed April 18,2016 Amanda Othoudt,EDD
Item Description Reviewed by
Consider offer to purchase 13530 185th Avenue, Cal Portner, City Administrator
Lot 2,Block 1,Fox Haven Commercial Reviewed by
Action Requested
Provide response to the offer proposed by JS Property Holdings,LLC for 13530 185th Ave.
Background/Discussion
JS Property Holdings,LLC has submitted an offer to purchase the City's standard Purchase Agreement.
The buyer is proposing to build an approximate 3,000 square foot chiropractic facility on the 1.5 acre
parcel located west of Westbound Liquor, owned by the Elk River Economic Development Authority.
An appraisal of the property was conducted on February 2, 2016 by Nagell Appraisal&Consulting and
will be distributed at the meeting.
Financial Impact
None
Attachments—To be distributed at the meeting
• Purchase Agreement (March 25, 2016)
• Appraisal (February 2,2016)
• Project Summary
111E1E1 11
Template Updated 4/14 NATURE