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Korean Church Redevelopment Update <br />Since the January 6 team building retreat, staff has been busy reaching out to the development <br />community regarding our development opportunity with the Korean Church. Staff is focusing on <br />developers who work in the multi-family arena, including market rate, senior and affordable <br />products. Staff has also reached out to a couple of developers who work primarily in single family and <br />attached and detached townhomes to ensure the outreach includes all types of housing. The idea is these <br />meetings will generate a legitimate redevelopment partner, which will be forwarded to the EDC and <br />Council for consideration. The development community generally favors this process over the RFP/RFQ <br />process. Staff has a list of 20 developers who we have outreached to and are working on scheduling <br />meetings for February 12, 14, 19, and 21. DCAD staff (Craig and Janice) and Jason Aarsvold will attend the <br />meetings from Ehlers. <br /> <br />629 Old Highway 8 NW <br />Related to Korean Church, staff was contacted by Les Mateffy who currently owns 629 Old Highway 8 NW <br />(see attached map). Mr. Mateffy wants to sell his property and inquired if the City has interest. Staff <br />delayed giving Mr. Mateffy an answer as the inquiry came around the election last November. On January <br />31, Mr. Mateffy contacted staff again indicating he plans to put the property on the market, should the <br />City decide not to purchase the property. Staff requested additional time to meet with the City Manager <br />and Council, which he agreed to. Mr. Mateffy is looking to sell for a price of $450,000-$500,000. The <br />2018 property tax statement notes a market value at $500,000. Funds to purchase the property would <br />be taken from Redevelopment Fund 560. This fund has been used over the last two years to support the <br />$1.9 million Korean Church acquisition and borrowing to Lion’s Park. This fund also borrows to New <br />Brighton Exchange. Finance Director Brenda Davitt will be available to discuss the financial implications <br />to this fund should the Council wish to withdraw from 560 for another land purchase. Staff is seeking <br />direction from Council on whether or not to engage further on the purchase of this property. <br /> <br />Attachments <br /> Resolution 2018-005 <br /> Housing Loan Program Matrix <br /> Map (Korean Church/Old Hwy 8 Redevelopment Opportunities)