4.0. SR 01-29-2007
City of Elk River
REQUEST FOR COUNCIL ACTION
Agenda Section Meeting Date
Item 4 29,2007
Item Description
Consider offer to urchase 1217 5th Street Pro er
Item Number
4.
Prepared by
Ton a Love
Reviewed by
Bill Maertz
Introduction
City of Elk River has listed the 1217 5th Street Property with Powell Realty. Dan Kreuser has submitted
an offer to purchase the subject property.
Discussion
Dan Kreuser is offering $165,550 with approved financing by The Bank of Elk River.
All assessments and back taxes to be paid by the city and close in 60 days.
Financial Impact
. Elk River purchased the property for $144,000.
. Sale price of $165,550
. Estimated closing costs of $4,906.31 including fees for handling the real estate transaction and
closing procedures.
Attachments
. Seller Estimated Net Sheet
Action Requested
Seeking City Council direction as to accepting the proposed offer. Bill Maertz, Parks and Recreation
Director and Reg Powell of Powell Realty will be in attendance to answer any questions.
Council Action
Motion by _
Second by _
Vote
Follow Up
C:\Documents and Settings\tallard\Local Settings\Temporary Internet Files\OLKF\5th st Offer request for Action (2).doc
01-26-'07 08:49 FROM-Powell Realty 763-633-0512 T-268 P002/002 F-082
~........n ~ &;;..-;J IIIVlM I C.U I~C I ~nct: I
Prepared by:
Date:
C- '7r- ~ E ~ j)/~
Seller:
Address:
Phone:
The following data IS tor e6ftmaUon purf)0S8S only and 1he oICCUracy d lire ligureS Is not guatanfeed.. The
actual COSI:i with r~ 10 each transIJCtIon will vmy depetrdlng OIJ the clrcumslances.
Sales Price:
$ /?S'7 S-~c)
"
Settlement Costs:
Commission <..2:..%) $,331(, t)cJ
Discount Points $
Abstract/Closing $ 7~.OO
State Deed Tax (3.311000) $ ~'ic". 3/
Recording Fee (max) $_Joo.Qg
Seller Paid Buyer Costs $
Administrative Fee $. 19~.OO
Sub-Total: $ q 9 6Co .,3 I
Other Costs:
1 sl Mtg Balance $
ztd Mtg Balance $
Tax Proration $
Home Inspection $
Additional Costs $
Interest due on 1- Mtg. $
Interest due on ~ Mtg. $
Spec~l~essnen~ $
Special Assessments $
SuI).. Total: $
est Seller Costs: $ t..j 7- 0 ~ . 3 I
Estimated Net Proceeds
$ /~D,&r:..{3,b~
/
Seller Signature
Date
Seller Signature
Date