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Mounds View EDA October 27, 2014 <br />Regular Meeting Page 2 <br /> <br />be transferred to a non-profit housing group for the construction of new homes for low-income <br />families. The City found a willing seller, began working with the Greater Metropolitan Housing <br />Corporation (GMHC) to do the new home construction, and the EDA entered into a purchase <br />agreement with the Seller for the property at 2665 Ardan Avenue. <br /> <br />Planning Associate Heller reported City staff has been working with the Greater Metropolitan <br />Housing Corporation to build a new home in place of a home that has been destroyed by a fire. <br />The grant requires that the new house be affordable to a household at 80% area median income <br />or below, and since it is CDBG funding, Ramsey County doesn’t want the sale price to be over <br />$200,000. After receiving bids for the home construction, and receiving more information from <br />Ramsey County, GMHC determined that they would not be able to make this home work out <br />financially. Neither City Staff nor GMHC wanted to build a smaller or cheaper home just to <br />make it work since that would hurt the existing neighborhood values, and be harder to sell. Since <br />the GMHC will not be partnering on this property, the EDA will no longer be purchasing the <br />property from the owner, and must approve the cancellation agreement. She explained that <br />Anna’s Place has offered to purchase the property and would be finding a new buyer. <br /> <br />Commissioner Mueller questioned if the City could receive an extension on the CDBG grant. <br />Planning Associate Heller indicated staff would be investigating this possibility. <br /> <br />MOTION/SECOND: Mueller/Gunn. To Waive the Reading and Adopt Resolution 14-EDA- <br />287, authorizing the cancellation agreement of the authority's purchase offer for the property <br />located at 2665 Ardan Avenue, Mounds View, Ramsey County, Minnesota. <br /> <br /> Ayes – 5 Nays – 0 Motion carried. <br /> <br />8. REPORTS <br /> <br />None. <br /> <br />9. NEXT EDA MEETING: Monday, November 10, 2014, at 6:30 p.m. <br /> <br />10. ADJOURNMENT <br /> <br />President Flaherty adjourned the meeting at 6:42 p.m. <br /> <br />Respectfully submitted, <br /> <br /> <br />Recorded and transcribed by: <br />Heidi Guenther <br />TimeSaver Off Site Secretarial, Inc.