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7-12-2010 EDA Meeting <br />Item 7A— HRP Application <br />Page 6 of 6 <br />Summary <br />In summary, the Housing Replacement Program is a neighborhood revitalization program. <br />One purpose of neighborhood revitalization is to fix a deteriorating housing stick in order <br />to increase property values. Increased property values leads to an increased tax base for <br />the City, which helps the City provide essential services that the residents need and <br />expect. <br />The housing stock surrounding 7968 Edgewood Drive has deteriorated based on the <br />amount of vacant and foreclosed properties located within the neighborhood. <br />Unfortunately, the status of the housing stock in this neighborhood is not unlike many <br />neighborhoods in the City. The success of any community includes, but is not limited to, <br />a well-maintained housing stock. <br />Whether the EDA approves this most recent Housing Replacement Program application, <br />this neighborhood, along with many other Mounds View neighborhoods, need access to <br />some sort of neighborhood revitalization program. <br />Recommendation <br />Staff recommends that the EDA adopt the attached Resolution 10 -EDA -260 Authorizing <br />the Expenditures of TIF funds for the Appraisal of 7968 Edgewood Drive. <br />Next Step <br />If the EDA approves Resolution 10 -EDA -260, upon the receipt of an appraisal, the EDA <br />would then consider authorizing staff to negotiate a purchase agreement with the <br />homeowner. <br />Respectfully submitted, <br />Heidi Steinmetz <br />Economic Development Specialist <br />Attachments: <br />1. Housing Replace Program application received June 21, 2010 <br />2. Housing Replacement Program criteria, July 2007 <br />3. Property Maintenance Inspection - Single Family Home form <br />4. Ramsey County Tax & Property Information <br />5. Resolution 10 -EDA -260 <br />