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THE Al O <br />BA1V MAIi['(x3 <br />• <br />To: <br />FROM: <br />DATE: <br />RE: <br />DEVELOPMENT SERVICES - COMMUNITY DEVELOPMENT <br />Mono <br />Rick Menchaca, City Manager <br />Janis Hendrix, CDBG Program Administrator <br />FEBRUARY 19, 2010 <br />NSP Grant Foreclosure Purchase <br />The following foreclosed residence is available for purchase and is an appropriate choice for <br />meeting our NSP Grant requirement of acquiring 3 homes; performing minor rehabilitation/ <br />energy efficiency upgrades as needed; and reselling the homes to low-income families. <br />Foreclosures as sold "as-is"; the City's due diligence will include a property inspection and <br />appraisal prior to closing. <br />• Address: 1700 Ramona Circle, Oak Knoll Subdivision <br />• Description: Three bedroom, two full bath home with 2-car garage, utility area. The house has a <br />• fireplace in the living area and a very nice floor plan with a large kitchen and a nice amount of storage. <br />1,380 Sq. Ft. <br />• Age: Constructed in 1994 <br />• Condition: This house generally shows normal wear/tear for a house that is 16 years old - floor <br />coverings need to be replaced and the interior will need to be completely repainted. One area of concern <br />is found in the master bedroom/bath which shows some signs of the foundation having settled (sheet rock <br />cracks). The city will have an inspection of the property prior to closing and can withdraw the offer <br />without loss of earnest money if the condition of the property merits that action. <br />• Tax Appraisal Value: $135,380 <br />is <br />• Proposed Offer Price: $110,000 ($79.71 per sq. ft.) <br />Authorization to proceed with offer: <br />Comments: <br />Approved <br />Denied <br />Menchaca, City Manager <br />to <br />Date