On January 8th 2015, the Blaine Economic Development Authority approved an agreement for a purchase of the sale of two different senior apartments owned by the city. This purchase agreement is a significant step in the process of making an actual sale. The closing date for the sale has yet to be decided.
Clack Arneson, a city manager, has guessed that it will be somewhere between 90 and 120 days before the new management company decides to take over.
The Rental Rates
Back in 2013, it was announced that the rental rates of one of these apartment places would be raised by 3.5% and the other one would be raised by 4%. In 2015, they expect to raise the rental rates of both places by 5%.
What does this mean for anyone currently living there? You will have to accept the raised rates, or you will have to find a new place to live. For some people, these new rates have been so gradually introduced that they will have no trouble affording them. For other people, they already live on such a fixed income they will be looking for a new place to go.
One More Repair
Before the current owner of these two apartment buildings officially hands over the keys, there is one last project he wants to complete. The masonry cap that skirts around the base of the Blaine Courts needs to be repaired because it has a lot of water damage.
The goal is to fix the water damage and to improve the base to prevent future water damage from being a problem. He expects the repair work to cost almost $70,000.
Naturally, everyone has their own opinion regarding whether this sale and everything that comes with it is a good thing. For the most part, you can expect good things with this change.
Kris Lindahl Real Estate