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• <br /> Staff Memo <br /> To: Economic Development Commission Members <br /> From: Cathy Bennett, Economic Development Coordinator <br /> Date: May 24, 1996 <br /> Agenda Item: Update on Housing Program and Discuss Way to Market <br /> (5.B.) the Program Under the Guidelines of the Program <br /> The housing inspector has researched several housing programs over the past several <br /> months. With the information from several metro Cities and reviewing the needs in <br /> Mounds View a housing replacement program was developed to allow the use of TIF <br /> funds to upgrade a portion of Mounds View's housing stock. The homes targeted for <br /> these programs are beyond repair or homes where the cost of repair would exceed <br /> the houses total value. The program would allow the EDA to purchase a substandard <br /> home, clear the site, and sell the raw land to a buyer/developer team. The EDA could • <br /> only purchase the home on a voluntary basis. This allows for the construction of a <br /> new,,larger valued home thereby increasing the amount of taxes generated and <br /> eliminating the blighting influence of substandard housing. <br /> The program was approved by the EDA on May 13, 1996. Please review and begin to <br /> think of ways the City can market this program and generate positive attitudes in the <br /> community for the benefits of this program. <br /> I <br />