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Mounds View EDA July 12, 2010 Regular Meeting Page 3 appraisal of 7968 Edgewood Drive. President Flaherty questioned if the property was reviewed by the EDC. Economic Development Specialist Steinmetz stated the EDA was reviewing the proposal first. President Flaherty asked if the applicant had contacted a real estate agent. Mr. Nollet stated he was in contact with a real estate agent, but the agent was dismissive of the site. He felt the neighboring properties deserved the site to be nicely redeveloped. Commissioner Mueller questioned if the home was habitable. Mr. Nollet stated he invested funds into the home to bring into compliance but felt it was not habitable at this time. Commissioner Hull asked if the TIF funds could be used for anything else. Economic Development Specialist Steinmetz explained the 2010 budget had $150,000 for the housing replacement program. She recommended the EDA purchase this property, as it was a viable property that met the criteria of the housing replacement program. Commissioner Mueller questioned the expense of an appraisal. Economic Development Specialist Steinmetz estimated this expense to be $400-500. President Flaherty felt the EDC should have reviewed this information before being brought to the EDA. He explained the applicant had other options, such as the realtors association and the Housing Resource Center. Economic Development Specialist Steinmetz stated Mr. Nollet did contact the Housing Resource Center and was referred to the City of Mounds View. Commissioner Mueller stated the housing stock along Woodlawn was from the 1940’s. She questioned if the City provided funding to update the homes in that area. Executive Director Ericson stated he was not aware of any funds used along Woodlawn, but they were used along Spring Lake Road and Pleasant View Drive. He explained the property on Edgewood was a telling story and redevelopment of the site spurred investment in the neighborhood. Commissioner Gunn expressed concern with code enforcement issues as homes continued to deteriorate in this area and stated she was in favor of acquiring the property. Commissioner Hull agreed the EDA should proceed with the acquisition of this property to eliminate the further deterioration of the neighborhood. Vice President Stigney questioned if it would be more prudent to demolish rather than acquire the property. He indicated that more properties could be assisted if 7968 Edgewood were demolished, which meant the site would not need an appraisal. Vice President Stigney explained the housing replacement funds were limited and felt demolishing the site would spread the funds further throughout the City.