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City of Mounds View Staff Report <br /> July 25, 1997 <br /> Page 4 <br /> of substandard housing and increase the availability of quality housing for families. In addition,the <br /> use of the property is in line with the work staff and the EDC have done regarding this area over the <br /> "past several years based on the corridor study and the market analysis by Towel Real Estate. Tying the <br /> sale,of the land to redevelop not only the property but to the entire development provides a much <br /> ;,,,dargetereturn. The significantiimprovement of the apartments will enhance the corridor and 4.7v_. <br /> compliment the adjacent prdp 'ties all along the corridor. The type of construction materials and <br /> landscaping can tie into a design theme that we are trying to create along the corridor. In addition, <br /> based on the most recent changes to the tax rate for multi-family housing passed by the legislature,if <br /> the existing apartments are not improved the tax base could drastically be reduced. After reviewing all <br /> the information and being closely involved in the process for the past 6-9 months,I believe this will be <br /> an enhancement to the community with limited (596) investment from the City. <br /> In adclition,The EDC spent two full meetings discussing and analyzing the project and voted to <br /> recommend a conditional commitment to sell the land and provide TIE assistance. As part of the <br /> conditions,the EDC is su s_esting that if the relocation budget is not all used after,24 months from the <br /> date of closing that these proceeds come back to the EDA as partial payment of the loan. This could <br /> result in less than a 5%investment. <br /> D •r'of Economic Development <br /> • <br />