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• <br /> Staff Memo <br /> To: Economic Development Commission Members <br /> From: Cathy Bennett, Director of Economic Development <br /> Date: April 21, 1997 <br /> Subject: Discussion of Revised Housing Replacement Program <br /> (5.A.) <br /> Attached is a draft copy of the Revised Mounds View Housing Replacement Program. <br /> The main purpose of revising the Program is to add a provision that allows the EDA to <br /> provide demolition funds for an existing resident to construct a new home. <br /> Currently the plan is for the EDA to purchase a deteriorating home, demolish it and <br /> sell to a developer/buyer team. This revision would allow the current owner of a <br /> home to rebuild on the lot and we would pay for demolishing the old home. This <br /> would save considerable time and funds and opens the program up to a larger <br /> audience. <br /> In addition, staff made changes to allow a more compete understanding of the <br /> program and the process. <br /> The EDC's responsibility is to review the revisions to see if they still meet the goals of <br /> the program for use of tax increment funds. Legally this is an allowed use of the <br /> funds. In addition staff would request comments regarding the readability of the <br /> program and if there is a clear understanding of how the program works. <br /> Staff would like to present this to the EDA for approval in May. Therefore, there is <br /> ample time to make further revisions and refinements. <br />