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Mounds View EDA April 27, 2009 Regular Meeting Page 2 Density Residential, Limited Business, and High Density Residential. The future land use of this property is Mixed Use PUD. She noted the Council’s #2 goal is the redevelopment of the County Road 10 corridor and a plan prepared by Bonestroo notes addresses that each opportunity should be considered to further redevelopment along the corridor. Mark Schnor, 2949 Highway 10, stated they had not planned to move but because of his wife’s health problems, they are having difficulty living on a fixed income. He stated if they can eliminate the mortgage payment with a City buyout, he would be able to meet medical and living expenses and the house would not sit empty. Mr. Schnor stated he would return the buyout money to the City at whatever interest rate the City believes is fair. Duane Waldock, 2935 Highway 10, stated he lives next door and supports Mr. Schnor’s request. He stated he does not know what his own property is worth but is also willing to consider reasonable offers for the purchase of his property. Commissioner Hull asked about the corner lot owned by the State of Minnesota. Executive Director Ericson stated it is a storm water management pond and cannot be developed. Economic Development Specialist Steinmetz asked if the two State-owned parcels could handle more storm water should higher density development occur on adjacent sites. Executive Director Ericson stated that is a possibility. President Flaherty stated the EDA’s job is to open discussion and look at options. He stated he is intrigued with the option of paying off the mortgage at an interest rate, which may be considered an investment since there would be a rate of return. President Flaherty expressed caution about setting a precedent and noted there are other programs that could offer assistance to the Schnors. Economic Development Specialist Steinmetz stated her understanding that Mr. Schnor has researched all other assistance programs. In addition, Mr. and Ms. Schnor were interested in rental options but most programs require the occupant to be in a wheelchair so they do not meet that qualification. Commissioner Mueller asked if it would be a rental program if the EDA bought the mortgage and the resident remained in the dwelling. Mr. Schnor stated he is unsure how it would be arranged but he would be willing to return the payoff to the City and pay interest. Commissioner Mueller asked how long he had lived on the property. Mr. Schnor stated he has lived 12 years in this house and 7 years in the neighboring house. He stated he has a credit rating of 808, which means he has not missed payments. However, his income is no longer high enough to support that rating. They are currently on the assistance program for Xcel Energy Excel and telephone service.