08-25-1997 EDA - Laserfiche WebLink

Home Browse Search

Item No. 97-EDA-73 Staff Report No. EDA-97-82C • Meeting Date: August 25. 1997 Type of Business: EDAB WK: Work Session;PH:Public Hearing; CA:Consent Agenda;EDAB:EDA Business City of Mounds View Staff Report To: EDA President and Board Members From: Jennifer Bergman,Housing Inspector t` 1 02 Item Title/Subject: Consideration of of Resolution No. 97- A73 Approving and Authorizing the Execution of a Participation Agreement for the Redevelopment of 8265 Spring Lake Road Date of Report: August 22, 1997 Summary: Attached is Resolution No. 97-EDA73 (Attachment 1) and a copy of the Participation Agreement (Attachment 2) to enter into negotations for the sale of 8265 Spring Lake Road. At the August Work Session,the Economic Development Authority (EDA) directed staff to proceed with Loren Hansen of Loren Hansen Construction to the purchase the lot at 8265 Spring i Lake Road. Mr. Hansen, a licensed general contractor, is proposing to construct a two-story, three bedroom house with an estimated value of$140,000. Upon completion,he and his wife will occupy the home. The Housing Replacement Program requires any lot offered through this program be purchased by a buyer/builder team. Mr. Hansen represents both the builder and buyer. After the execution of the Participation Agreement,the next step is to complete the Contract for Private Development(see Attachment 3)which will detail the requirements for the development of the lot including the specifications of the home and the value of the home upon completion. Attached is a draft copy of the Contract for your review. Prior to the execution of the Contract for Private Development, staff will verify builder references, construction loan availability and end financing."After the Contract for Private Development has been completed, it will be presented to the EDA for consideration. Recommendation: Approval of the Participation Agreement authorizing the purchase of 8265 Spring Lake Road by Loren Hansen Construction. •