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Item No: 7A MO_ A S V �/ WW Meeting Date: Jule 12 2010 UNll Type of Business: EDA Administrator Review: _ City of Mounds View Staff Report To: Economic Development Authority From: Heidi Steinmetz, Economic Development Specialist Item Title/Subject: Resolution 10 -EDA -260 Authorizing the Expenditure of Tax Increment Financing Funds for the Appraisal of 7968 Edgewood Drive (For Consideration of Purchase under the EDA's Housing Replacement Program) Background of Housing Replacement Program The EDA created the Housing Replacement Program in 1996. Since that time, the EDA has been involved with the acquisition and/or demolition of about five homes in Mounds View. The objectives of the program are as follows: • Replace deteriorating substandard housing on scattered sites throughout Mounds View with larger, higher value housing designed for owner -occupied families • Eliminate the blighting influence of substandard housing • Increase the availability for quality housing for families The program has the following two options: 1. Demolition assistance provided as a ten year/forgivable deferred loan 2. Property Acquisition (the EDA will purchase the home and market it to potential buyers) Discussion On June 21, 2010, staff received the attached Housing Replacement Program application from Mr. Ken Nollet, owner of a single-family home located at 7968 Edgewood Drive in Mounds View. Built in 1941, the home sits on a .84 -acre lot. Mr. Nollet is asking the EDA to acquire the property. Mr. Nollet inherited the property from his uncle and does not reside in the property (the house is currently vacant). Mr. Nollet works and lives in Japan. He will be attending the EDA meeting to answer any questions the EDA may have about his Housing Replacement Program application. Mr. Nollet's application meets the EDA's Housing Replacement Program criteria. The criteria is attached for the EDA's review. The property is on the City's list of parcels eligible for acquisition as part of the EDA's Project Plan for the Mounds View Economic Development Project. In addition, the home qualifies for the Housing Replacement Program's blight test because of the totality of the home's deficiencies. Mounds View's Housing/Code Enforcement Inspector Jeremiah Anderson completed an exterior and interior inspection of the property on July 7, 2010. Attached are his findings.