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Commissioner Marty stated since this agreement is at that point, he concurs with Commissioner <br />Quick's suggestion. <br />SUBSTITUTE MOTION/SECOND: Quick/Thomason. To adopt Resolution No. 99 -EDA -113 <br />Approving and Authorizing a Purchase and Redevelopment Agreement by and Between the <br />Mounds View Economic Redevelopment Authority and Marquis Builders, Inc. <br />Ayes - 4. Nays - 0. Motion carried. <br />MOTION/SECOND: Quick/Marty. To direct staff to revisit the performance bond requirement <br />policy and make suggested changes as they deem necessary. <br />Ayes - 4. Nays - 0. Motion carried. <br />B. Proposal for Participation in the Housing Replacement Program for 2225 <br />Hillview Road <br />Housing Inspector Dorgan explained that a letter was recently received from Jean Johnson, <br />owner of 2225 Hillview Road, offering her property for sale to the Economic Development <br />Authority. The property is located just west of Quincy Street and currently occupied by the <br />owner. Housing Inspector Dorgan stated the property had been inspected and was found to meet <br />the criteria for participation in the Housing Replacement Program. He noted the location of this <br />property and advised it is in fair condition but has a full basement in an area with a high water <br />table. He stated due to the size of the lot, size of the house, and value of properties in the area, <br />staff is seeking direction regarding possible funding to redevelop. He advised Tax Increment <br />Financing (TIF) funds could be used or Community Development Block Grant (CDBG) funds <br />could be used if the property is developed within a certain value for a low- to moderate -income <br />buyer. <br />Housing Inspector Dorgan requested direction whether staff should pursue the purchase and, if <br />so, funding sources. <br />Commissioner Marty asked what staff would recommend. Housing Inspector Dorgan noted that <br />CDBG funds are available and, since this neighborhood has modest homes, it may be more <br />conducive to the neighborhood to develop a smaller home. He explained if it creates a demand, <br />the City could apply for additional funding with the next cycle of funding. <br />MOTION/SECOND: Marty/Thomason. To approve the request for participation in the Housing <br />Replacement Program for the property located at 2225 Hillview Road and direct staff to prepare <br />a resolution authorizing CDBG funding for the demolition of the single-family home for <br />redevelopment purposes. <br />Commissioner Marty asked if the City may be eligible for more funds if it is found <br />5 U:\CARIS\COUNCIL\MINUTES\MVEDA24.MAY <br />