08-12-1996 EDA - Laserfiche WebLink

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.__ :... __ ---� ' =- - = '- _ _ _._ _ . , . ---- __ - -_--- --- - - � ��=--- ___ < : EDA Meeting #24 June 24, 1996 Page 2 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 There were no Public Hearings scheduled for this meeting. EDA SUSINESS: A. Consideration of Resolt►tion 96-EDA-49, Approving and Authorizing the Acquisition of 8265 Silver Lalce Road Property for Redevelopment Purposes and the �xecution of a Purchase Agreement for that Purchase. Ms. Cathy Bennett, Executive Director, explained that the Community Development Department has been worlcing on the clean up of the property located at 8265 Silver Lalce Road for the past two months. On May 28, 1996, Jennifer Bergman, Housing Inspector was contacted by the Department of Housing and Urban Development regarding the purchase of the property by the City of Mounds View. The property was offered to the city for $70,200. The city had an appraisal of the property which came in at $52,000 which was forwarded to HUD. After reviewing our appraisal, HUD noted that their appraisal did not talce into consideration the condition of the foundation and they had another appraisal done on the property which came in at $55,000. They have offered the property to the City for $49,500, which is a 10% discount on their appraisal. HUD will cover. the closing costs ($2,475.). They have aslced that the purchase agreement be signed and returned to them by June 27, 1996. This property would be purchased under the EDA's Housing Replacement Program and Ms. Bennett noted it is in conformance with the EDA's Tax Increment Project Plan for Redevelopment. The property will be demolished and it will be put out for bid for development of a new single family residence to increase the value of the property and the aesthetics of the neighborhood. Mr. Bill Doty, 3049 Bronson Drive, aslced what the purpose is for having a separate corporation such as an Economic Development Authority, which is not part of the city charter. If the city is going to have a charter, it must be followed. Ms. Bennett explained that an EDA is able to enter into different types of joint ventures witl� regards to properties. Mr. Whiting stated there are differences between what an �DA can do and what a City Council can do. Furthermore the Charter does not prohibit this and the EDA is within the guidelines of the state law and the charter (the Charter does allow the Council to set up committees and commissions).