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MOUNDS VIEW ECONOMIC DEVELOPMENT AUTHORITY <br /> REQUEST FOR EDA CONSIDERATION <br /> • STAFF REPORT <br /> EDA MEETING DATE October 9, 1995 <br /> EDA Action: <br /> Q Special Order of Business Agenda Section:7.B <br /> O Public Hearings Report Numbers EDA-95-42u <br /> O Consent Agenda Report Date: 1U=5-9) <br /> CIE EDA Business <br /> Item Descriptuonsideration of Resolution No. 95-EDA-33 Approving the Expenditure of Tax <br /> Increment Funds for An Appraisal of Vacant Land on Highway 10 <br /> Executive Directors Review/Recommendation: <br /> - No comments to supplement this report <br /> - Comments attached <br /> ExplanationiSummary (attach supplement shuts as nece ary) <br /> SUMMARY: <br /> I have prepared a resolution that approves the expenditure of tax increment funds for an <br /> appraisal of vacant lots on Highway 10. The lots are directly west of 2625 Highway 10, of <br /> "•- which the City is negotiating a purchase agreement, and east of Pleasant Wood Apartments. The • <br /> 0 potential purchase of this property would expand the redevelopment opportunity packaged with <br /> the corner lot located at 2625 Highway 10. <br /> 'a: An appraisal would allow the City to negotiate with the Realtor representing the property in a <br /> fair and equitable manner for all parties concerned. It is estimated that the appraisal will not <br /> exceed$500. <br /> Use of tax increment funds for an appraisal is allowed as it meets the objectives of the EDA's tax <br /> increment program to promote development and redevelopment of certain land within the City of <br /> Mounds View. <br /> 6 604-4( <br /> Cathy Benn tt, Economic Development Coordinator <br /> • <br /> •RECQN MENDATION: <br /> Waive Reading and Approve\Disapprove Resolution No. 95-EDC-33 Approving <br /> Expenditure of Tax Increment Funds for an Appraisal of Vacant Land on Highway 10 <br />