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Mounds View EDA <br /> October 13, 1998 • <br /> Page 2 <br /> At a previous workshop meeting the Council had directed staff to take steps necessary for the <br /> implementation of the Home Improvement Loan Interest Subsidy Program. As proposed, the <br /> program would use TIF funds to finance subsidies and associated administrative costs. The City <br /> Attorney has informed staff that TIF may not be used to subsidize interest rates for home <br /> improvement loans. <br /> Staff has begun researching other funding sources which the City may access to provide subsidies <br /> for the proposed program. Some of the available options were listed as follows: <br /> 1. Metropolitan Council Livable Communities Housing Initiatives Fund <br /> 2. Super RFP(sponsored by the Metropolitan Council and the Minnesota Housing <br /> Finance Agency <br /> 3. Housing replacement program <br /> 4. Remodeling counselors <br /> If approved, some modifications to the income requirements of the proposed program may be <br /> necessary. Staff will continue to work on obtaining financial assistance for the interest subsidy <br /> program as well as other housing related programs. • <br /> MOTION/SECOND: Koopmeiners/Gunn to direct staff to pursue alternative funding sources <br /> including the MHFA "Super RFP" to fund the proposed interest subsidy Home Improvement <br /> Loan Program as well as additional housing related programs. <br /> VOTE: Ayes - 5 Nays - 0 The motion carried <br /> B. Discussion of Salvation Army Proposed Multi-Family Development. <br /> Dorgan reviewed staffs October 8, 1998 Memo to the EDA and gave the following report: <br /> The Salvation Army is requesting that the City acquire and sell a tax-forfeited parcel to them for a <br /> proposed development. They are proposing to acquire the proposed lot as well as an adjacent lot <br /> owned by Glen thorpe Realty for the development of an eight unit multi-family building. Since <br /> the property is a tax forfeited parcel owned by the State, non-municipal entities would have to <br /> purchase the property through an auction. The Salvation Army is requesting that the City release <br /> the "use deed" on the property. The City would then purchase and resell the lot to the Salvation <br /> Army contingent upon the approval of the Salvation Army's development proposal. The <br /> development proposal would include a rezoning, variance and development review. Ramsey <br /> County Assessors Office has valued the land at $29,000. <br /> Staff was seeking direction from the EDA for further action on this proposal. • <br />