7.5. HRSR 01-02-2018City of
Elk —
River
Request for Action
To
Item Number
Housing & Redevelo ment Authori
7.5
Agenda Section
Meeting Date
Prepared by
General BusinessJanuary
2, 2018
Amanda Othoudt, EDD
Item Description
Reviewed by
First Amendment to the Purchase Agreement for
Cal Portner, City Administrator
Reviewed by
326 Gates Ave.
Action Requested
Approve, by motion, the first amendment to the purchase agreement for 326 Gates Ave.
Background/Discussion
At their November 6, 2017, meeting, the HRA approved the purchase of 326 Gates Ave. contingent
upon inspection of the property.
An inspection of the property was completed on November 21, 2017. The HRA discussed the report and
the offer at their December 1, 2017, meeting and directed staff to renegotiate the purchase agreement
with the seller.
The seller has agreed to fix the minor issues identified in the first amendment prior to closing with no
change to the purchase price.
Seller is requesting that the closing date be rescheduled to February 2, 2018.
Financial Impact
Earnest money of $1,000 will be deposited at Sherburne County Abstract and Title and will draw upon
the HRA reserve account. The remaining balance of $109,000 will be paid from the HRA reserve account
upon closing.
Attachments
■ First Amendment to the Purchase Agreement (to be delivered at the meeting)
P a w E A E U s r
NaA f RE]
--2-2-0/9
FIRST AMENDMENT TO PURCHASE AGREEMENT
The undersigned parties to a Purchase Agreement dated October] 5, 2017, by and between the
Housina and Redevelopment Authority of the City of Elk River,, a public body corporate and
politic under the laws of the State of Minnesota, ("Buyer"), and HuyLe ("Seiler"), for the
purchase and sale of that certain property municipally known as 326 Gates Aenuc: NW, Elk
River. MN, ("Property"), hereby mutually agrce to amend said Agreernent as follows:
The Closing Date will be on or before Feburary 2, 2018.
The Seller has agreed to fix the following items before closing:
1. Install back gutters
2. install thresholds or weather stripping for exterior doors
3. Caulk exterior faucet
4. Fix paint peal on exterior of windows
5. Fix the broken screen door
6. Fix locks
7. Fix open holes on electric panel
8. Install GFi to kitchen and laundry
9. Install outlet covers
10. Fix Handrails
11. Add Door bells
All other terms and conditions of the; Purchase Agreement are to remain the same: and in effect.
SELLER:
BUYER:
14OUSING AND REDEVELOPMENT
AUTHORITY OF THE CITY OF ELIC RIVER
By: By:
Huy cL its: Chair
By:
Its: Executive Director
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