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<br /> EDA Meeting#2
<br /> Jim' e.24, 1990
<br /> Page 2.
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<br /> 1 There were no Public Hearings scheduled for this me'eting,:
<br /> t 3, EDA BU•SINESS";
<br /> 4°
<br /> 5 consideration of',Resoiution 96-RDA-49,; .pproving and Author ......•.-
<br /> inthe Acquisition
<br /> 6 of 8265 Silver Lace Road Property for .edevelopme�nt Purposes'and t ie Exec utiori of a
<br /> 7 Purchase,Agreement for that Purchase.''
<br /> 8
<br /> 9 • Ms,Cath'Bennett,Executive Director,explained that the Co? unit•y Development
<br /> 10 . ep int has been work ng om the clean up of:the propertylocateid at$265,Silver:Lake
<br /> 11 Road far the`past two months. 4n May 28, 1990;-.:i...Jennifer Ber Housing.inspector,
<br /> 12 was contacted-,...11-.-. 07•-••,:''''-':,-L:Doa went`of Housing and Urban Development regarding the.
<br /> . .-.,'-,_-,.-'•-, , .-...,::•--.••
<br /> 13 purchase,of the properrt ' y the.010/..pf:Mounds View The property..was offered to the_,
<br /> 14 city for$'70,200,;.`ate cityhadsar appraiisal of the.property:which came'in at$52,000
<br /> -..-..,..,,..-.1,.. ..•-„,-.-::::Swhit was forwarded to HUD After reviewing our appraisals noted that their
<br /> ap rai'al did of take into consideration die condition c `the foundatto.. and they had -
<br /> 6 -pp � �
<br /> 1'7 -another appraisal doges on.the property.which coins in at$55,000 They lave'offered the
<br /> 18 properaty to the City for$49,500,which�is a 1-.0%dis o t'on their appraisal. will
<br /> 19 cover the cloy g costs($2,475,). They have_asl ed that th aurc. a agreement be;signed
<br /> 20 and rc to rued o th a by J`uhe 27, 199$:'° This property wouldbe pure ed." under.the
<br /> 21 ED 's Housing Replacement Prc�and Ms.Ke tt.nnoted itis in conformance with
<br /> will be
<br /> 22 the RI As cro e$t:prcject Plan-fox development: '1'h property .
<br /> --23,-'-••••.--',.77-77-----moshed and It will he put out;for bid four}deveiopmen�t of P,-,.-.new single family
<br /> 24 residence to increase_ the v!.alue of the property and the aesthetis of the neighborhood,
<br /> 21.
<br /> 26 Mr..Bill Doty, 3049;Bronson Drivel--.0.$ked what the purpose is•foir having:4:-.-. 0..0.0,r.,sate.
<br /> 2% corporation•such us an-Economic Development Aut. iority •which is-not_part"of tkie.city
<br /> 28 charter: • If,tide city-'ins going to have'a c•harter,it must be rollowe l. ._.
<br /> 29 '
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<br /> 30 ' Ms. Bennett:explained that an EDA, •is able to enter into different types.'of joint ventures
<br /> 3,1 with regards to parol ert
<br /> . • es.
<br /> 32. ,
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<br /> X33 1Vir Mi•ng stated tlaere::oire differences between what an;EDA eau doand what•a.City
<br /> 34 Council.can do. i urthermore the Charter i.does not hsite it this 44-•- the DA,is wit in
<br /> 3 S the.guidelines of t e state leave and the charter(#71.,,,,..,:. arter does allow the council to set
<br /> 36 , :-.tip- o#1-01,----ces and commissions).
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