City of Lawrence

Neighborhood Resources Department

MEMORANDUM

TO:              Dave L. Corliss, Interim City Manager

FROM:         Victor Q. Torres, Director, Neighborhood Resources

DATE:           March 22, 2006

RE:              429 Indiana Street rehabilitation cost estimate

Staff prepared a cost estimate (attached) for the rehabilitation of the structure located at 429 Indiana Street.  Criteria utilized for this estimate are minimum housing standards and data base dollar values established from Community Development rehabilitation projects.  The staff estimate to rehabilitate this structure is $80,365.70. 

Based on this amount, rehabilitation of the structure is not viable due to the economic impact on the property owner.  Assuming the property owner performed some of the work themselves; a major portion of the estimate will require external contract work and not reduce the total amount significantly (pictures attached).  The County appraised value of the property is $69,240.  A more cost-effective use of funds by the property owner is demolition and replacement with a similar structure.    

Let me know if you need additional information.