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ECONOMIC AND URBAN DEVELOPMENT MEMORANDUM <br /> No. 08-41 <br /> Apri19, 2008 <br /> TO: Mayor Paul Osborne and City Council Members <br /> FROM: Steve G , City Manager <br /> Greg Crow Assistant City Manager of Economic and Urban Developmer�+,,� <br /> Vickie Buc ngham, Assistant Dir. of Economic and Urban Developmenf��a��"� <br /> SUBJECT: Sale of Property located at 2540 E. North Street <br /> RECOMMENDATION: Staff recommends approval of the attached resolution <br /> regarding the sale of property located at 2540 E. North Street. The resolution states the <br /> City of Decatur, who is the seller,will sell the property to Bryan A. Kite in the amount of <br /> $1,800.00. <br /> BACKGROUND: The City of Decatur provided HOME funds for the purchase of the <br /> property located at 2540 E. North Street. The City regained ownership of the property <br /> through foreclosure due to lack of repayment. The residential unit is in disrepair. City <br /> staff has a list of required code improvements for the property. The unit will be used as a <br /> rental unit. <br /> The property was advertised in the Decatur Herald and Review. The advertisement on <br /> September 14, 2007 identified the property would be available for inspection. Proposals <br /> were to be provided to the Purchasing Department by noon, Friday, September 2007. No <br /> were responses were submitted. Mr. Kite, a Decatur resident, submitted his proposal in <br /> writing and has provided documentation to demonstrate his ability to improve the <br /> property to code. The agreement provides the city ability to take possession of the <br /> property if the terms are not satisfied. <br /> POTENTIAL OBJECTIONS: None known. <br /> INPUT FROM OTHER SOURCES: Neighborhood Redevelopment Staff and August <br /> 2007 appraisal. <br /> STAFF REFERENCE: Should the City Council have any questions, they may contact , <br /> Vickie Buckingham, Assistant Director of Economic and Urban Development at 424- <br /> 2777 or e-mail vbuckingham�i;decaturnet.or�. <br /> BUDGET/TIME IMPLICATIONS: Settlement shall occur no more than one month ' <br /> after the date of the agreement. The owner shall provide monthly updates to the ' <br /> Neighborhood Redevelopment Division. The buyer shall allow inspections of the ' <br /> property until the property has been rehabilitated to the reasonable satisfaction of the City <br /> on or before November 1, 2008. , <br />