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: _. .. �� � � : _ <br />� : _____ .=.r____:�_ _ � _ = :� � : . �. d�., s,.�__ . .. ` .. ' <br />_ _ _ _ _ __ _ _ __ __ - .—�_______ _ -__ _ _ <br />I <br />MOUNDS VIEW ECONOMIC DEVELOPMENT AUTHORITY <br />REQUEST FOR EDA CONSIDERATION <br />S'�'A�F RE�OR'I�' <br />EDA MEETING DATE �Y 13, 1996 <br />EDA Actiou: <br />❑ Special Order of Business <br />❑ Public Hearings <br />❑ Consent Abenda <br />�� EDA Business <br />Item Descriptio�i: Housing Replacement Program <br />Executive Director's Review/Recommendation: <br />- No comments to supplement this report '���:� ��'� �; <br />- CURlI11C11[S 1LI:10EICC� <br />Explauation/Summary �.utach supplemeut sheets as necessary) <br />SUMNWRY: <br />Agenda Section: 7 . C. <br />Repurt Number: 96—EDA52 <br />Report Date: 5-09-96 <br />Attached to the staf�'report is the Housing Replacement Program proposal, a letter from Jim O'Meara and a <br />Resolution supporting the program as discussed at the May 6, 1996, work session. <br />The Housing Replacement Program would permit the EDA to upgrade a portion of Mounds View's housing <br />stock. The homes targeted for these programs are beyond repair or homes where the cost of repair would <br />exceed the total value. The program would 111ow the EDA to purchase a substandard home, clear the site <br />and sell the raw land to a buyer/developer team o►� contract services with a non-profit up front. Giving the <br />City the opportunity to replace smaller, lower valued homes with new, larger valued homes and eliminate the <br />blighting influence of substandard housing fulfilling the goal to assist in the improvement of the housing <br />stock. <br />I have researched possible housing programs with TIF since October and after discussing options with other <br />cities and with attorney's, it was the recommendation that a Housing Replacement program would be the <br />best use of funds with the most impact. When Richfield and Crystal spolce to the Council at the January <br />Work Session, they expressed the positive ii��pact this p►-ogram has had on their cities. <br />The Housing Replacement Program accomplishes two goals: (1) The removal of homes that are beyond <br />repair and replacing them with new larger homes; and (2) Creates a development fund, from sale of the lot, <br />with little or no restrictions to use for other housing progl-ams such as a revolving loan fund. With this type <br />of program, we receive two uses out of one fund. <br />� �l <br />� J ���; � Z, , . <br />'i� r_ �' �'� rl;j ( �i , <br />Jen�ii�er Ber�� an, Hous�iig Inspector <br />