Agenda Packets - 1995/01/23 - Laserfiche WebLink

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Update on Woodlawn Terrace Rehabilitation: • After disturbing news from MHFA and Ramsey County with regards to the financial status of Woodlawn Terrace, Jennifer and I met with MHFA and Ramsey County to discuss options for rehabilitation. We found out that MHFA will be pursuing foreclosure proceedings against Northridge Properties. This will tie up the property for a maximum of nine months. During that time Northridge Properties will have the option of coming current on their outstanding mortgage and the property will again be under their ownership. In the interim, MHFA will appoint, through the Court, a receiver to manage the property. The receiver or fee manager will be responsible for protecting the property, collecting rent and general maintenance. The receiver will not make any-r-epaiis— is mare-ieyond-generaImaintenance ypicatty-in-these situations, the receiver is involved with the property for 1 1/2 to 2 years even if Northridge Properties once again gains control of the property. Ramsey County and MHFA still feel strongly about the need to rehabilitate the property but in light of the current financial situation Ramsey County would not be able to award CDBG funds or Home funds for the project. Judy Karon, from Ramsey County, did suggest that the City of Mounds View submit an application anyway. Apparently, not all awards that are made make it through final negotiations. Therefore, additional funds become available mid-year. The City would apply for funds under the premise that upon resolution of the financial situation at Woodlawn Terrace and if funds become available mid-year through Ramsey County, this project would be the first priority. If the City does not have an application submitted then there would be no chance of being eligible this year and we would need to wait until next year to submit a new application. I will be submitting a resolution in support of the application for your consideration at the January 23rd meeting. Feel free to call me if you have any questions. Retention: • Dynex Industries made a presentation to the EDC regarding their proposed expansion on Mustang Drive. Unfortunately, Mustang Drive is not in an existing TIF district. Therefore, to enable the City to assist in their expansion we are preparing Part I of the Economic Recovery Grant Application for Dynex. The EDC will make a resolution in support of this effort at their next meeting on January 26th and we will be requesting a resolution from the EDA in February. Attraction: • Samantha, Paul and I met with the owners of the K-gas site on Highway 10. They wanted to brainstorm on options for the site because they would like to either develop it themselves or sell the property. We will be working with them to find the best use for the site and will keep you posted.