Agenda Packets - 1997/10/06 - Laserfiche WebLink

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n Item No. I A Staff Report No. —?a 9C Meeting Date 10-6-97 Type of Business WK WK: Work Session;PH:Public Hearing; CA:Consent Agenda;EDAB:EDA Business Mounds View Economic Development Authority Work Session Staff Report To: Mounds View City Council From: Cathy Bennett, Director of Economic Development Item Title/Subject: Discussion of Housing Replacement Program Activity Date of Report: October 2, 1997 Wouldn't you know that since Jennifer's departure there has been an increase in activity under the housing replacement program (HRP) on several properties in Mounds View. Jennifer started most of these projects and they are all coming to a head all at once. a. Offer to Purchase 8265 Spring Lake Road The EDA approved the participation agreement with Loren Hanson for the purchase of 8265 Spring Lake Road under the HRP at the August 26, 1997 EDA meeting. In the negotiations for a Contract • for Private Development Loren has decided that he is not interested in participating in the program. Since he was the builder and buyer he could not recoup his costs to participate through the sale of the home. Therefore,Jennifer sent out another letter opening offers on the lot on September 5, 1997. The letter stated that we would accept offers until October 2, 1997. I have received several calls from interested developers of which none have identified a buyer at this time which is a requirement under the HRP. I advised the developers to submit an offer with the contingency that if a participation agreement was signed that the developer would be obligated to identify a buyer prior to signing a contract for private development and closure on the lot. To date I have received one offer from Preferred Builders, Inc. They are the developers of the single family homes on the corner of Highway I 0 and Spring Lake Road. I may have additional offers submitted after the submission of this report and will bring those to the work session for discussion. b. Long Lake Road and Ardan: At the August work session staff was directed to contact developers and Realtors regarding the marketability of new homes along Long Lake Road and Ardan near the compost site. Currently, the EDA owns one of the lots on the corner of Ardan and Long Lake Road. Staff contact Preferred Builders who looked at the site and felt that there definitely was a market for single family homes in this area. They are not concerned with the compost site but did say that the type of home they would envision would be a starter home with a market value of high $80's to low $90's. Preferred Builders would propose purchasing lots 1 and 13 and developing a row of houses