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City of Mounds View Staff Report <br /> Revisions to Housing Replacement Program <br /> February 27, 1997 <br /> Page 2 • <br /> another alternative for improving the housing stock and comply with the three program <br /> objectives. <br /> 1. Replace small, lower value housing on scattered sites throughout the City with <br /> larger, higher value housing designed for families. <br /> 2. Eliminate the blighting influence of substandard housing, thus improving residential <br /> neighborhoods. <br /> 3. Increase the availability of quality housing for families. <br /> In order to use the demolition funds under this program, the EDA would require the property <br /> owner to execute a development agreement stipulating that the replacement home be built within <br /> a certain period of time and meet EDA specifications. We would anticipate that the new house <br /> would add to the City's tax base because of its higher value, which would eventually repay the <br /> City's investment through higher property tax revenues. The Housing Replacement Program is <br /> funded from money generated by the City's tax increment financing districts. <br /> Recommendation: <br /> Staff is recommending that an option be added to the Housing Replacement Program which <br /> would allow property owners to apply for funding for demolition of substandard houses, without <br /> the EDA acquiring the underlying lot. If this option is acceptable to the EDA, staff will prepare <br /> the appropriate changes to the program guidelines and present them for adoption on March <br /> pr,„ <br /> Jennifer Bergman, Housing Inspector <br /> cc: Cathy Bennett <br /> N:\DATA\USERSUENNIFER\SHARE\MVIIRPSTF_HRP.3_3 <br /> • <br />