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7-12-2010 EDA Meeting <br /> Item 7A—HRP Application <br /> Page 6 of 6 <br /> S <br /> Summary <br /> In summary, the Housing Replacement Program is a neighborhood revitalization program. <br /> One purpose of neighborhood revitalization is to fix a deteriorating housing stick in order <br /> to increase property values. Increased property values leads to an increased tax base for <br /> the City, which helps the City provide essential services that the residents need and <br /> expect. <br /> The housing stock surrounding 7968 Edgewood Drive has deteriorated based on the <br /> amount of vacant and foreclosed properties located within the neighborhood. <br /> Unfortunately, the status of the housing stock in this neighborhood is not unlike many <br /> neighborhoods in the City. The success of any community includes, but is not limited to, <br /> a well-maintained housing stock. <br /> Whether the EDA approves this most recent Housing Replacement Program application, <br /> this neighborhood, along with many other Mounds View neighborhoods, need access to <br /> some sort of neighborhood revitalization program. <br /> Recommendation <br /> Staff recommends that the EDA adopt the attached Resolution 10-EDA-260 Authorizing <br /> the Expenditures of TIF funds for the Appraisal of 7968 Edgewood Drive. <br /> Next Step <br /> If the EDA approves Resolution 10-EDA-260, upon the receipt of an appraisal, the EDA <br /> would then consider authorizing staff to negotiate a purchase agreement with the <br /> homeowner. <br /> Respectfully submitted, <br /> e,,,;c4,1- A <br /> Heidi Steinmetz <br /> Economic Development Specialist <br /> Attachments: <br /> 1. Housing Replace Program application received June 21, 2010 <br /> 2. Housing Replacement Program criteria, July 2007 <br /> 3. Property Maintenance Inspection - Single Family Home form <br /> 4. Ramsey County Tax& Property Information <br /> 5. Resolution 10-EDA-260 <br /> • <br />