6. HRSR 08-07-2007ITEM ~ 6.
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MEMORANDUM
TO: Housing & Redevelopment Authority
FROM: Catherine Mehelich, Director of Economic Developmen i~~%
DATE: August 7, 2006
SUBJECT: Update on Acquisition of Properties Described as 716 and 720
Main Street
Background
Upon the HR.A's direction last month, staff commissioned for an appraisal to be completed
on the properties. In addition, the HRA indicated an interest in considering a contract for
deed arrangement.
Update
The appraisal is expected to be complete by Monday, August 7`h. Based on the results of the
appraisal staff will undertake negotiations over the next two weeks with the property owner,
Houlton Investment Company. It is anticipated that staff will bring back a draft proposal to
the HR.A for action at its September meeting.