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Mounds View EDA April 27, 2009 <br />Regular Meeting Page 3 <br /> <br />Mr. Schnor stated most realtors were not interested in his property because of the PUD zoning <br />and it is currently listed with Eagle Realty. He believed his property would be difficult to sell as <br />it is the only residential home left in that section and there is heavy traffic on Highway 10. <br /> <br />Commissioner Hull asked if buying the house and renting it to the Schnors is an option. <br />Economic Development Specialist Steinmetz stated she is unsure whether it would work since <br />the rent amount would probably be higher than what Mr. Schnor is currently paying as a <br />mortgage payment. She noted that if the City owns the property, it would go off the tax rolls but <br />a development package would be easier to assemble if City owned. <br /> <br />Vice President Stigney stated the EDA needs to consider all options including whether there is a <br />development opportunity for this property. He stated there are a lot of foreclosures in Mounds <br />View so he would be reluctant to consider the option being discussed. Vice President Stigney <br />noted that in the past the City bought some properties and rented them out but the results were <br />not successful. <br /> <br />Mr. Schnor stated his belief it would be dangerous to put a family with children into his house <br />because of the traffic on Highway 10. He stated he is able to pay his taxes and insurance and <br />maintain the house. However, if the house sits empty, the City would have to pay someone to <br />keep it up. <br /> <br />President Flaherty asked staff to research the options, finances, and determine potential <br />development. <br /> <br />8. REPORTS <br /> <br />None. <br /> <br />9. NEXT EDA MEETING: Monday, May 11, 2009, at 6:30 p.m. <br /> <br />10. ADJOURNMENT <br /> <br />President Flaherty adjourned the meeting at 7:04 p.m. <br /> <br />Respectfully submitted, <br /> <br /> <br />Recorded and transcribed by: <br />Carla Wirth <br />TimeSaver Off Site Secretarial, Inc.