Laserfiche WebLink
City of Mounds View Staff Report <br />Item No: 7A <br />Meeting Date: August 26 2013 <br />Type of Business: EDA <br />Administrator Review: <br />To: Economic Development Authority (EDA) <br />From: Heidi Steinmetz, Economic Development Specialist <br />Item Title/Subject: Resolution 13 -EDA -281 Authorizing and Approving the Authority's <br />Purchase Offer for the Property Located at 5420 Adams Street, <br />Mounds View, Ramsey County, Minnesota, and Approval of the <br />Terms and Conditions and Purchase Agreement <br />Background <br />The EDAwas awarded $100,000 in Community Development Block Grant (CDBG) funding <br />in May 2012. The grant award letter is attached for your reference. The funds must be <br />used to acquire and demolish a vacant and blighted single-family home in Mounds View. <br />The EDA would then donate the vacant parcel to Habitat for Humanity for construction of a <br />new home for a low income family. <br />Discussion <br />The home located at 5420 Adams Street is vacant and blighted. It can be acquired and <br />demolished for the $100,000 CDBG grant amount. In addition, the lot size is appropriate <br />for a future Habitat house. Habitat lots cannot be too large due property tax reasons. <br />Below is an aerial photo of the property. Additional photos of the property are included on <br />the next page. <br />5420 Adams Street - Aerial Photo <br />Property Summary <br />PIN: 083023120026 <br />Year Built: 1949 <br />Acreage: .28 <br />2014 Ramsey County Estimated Market Value: <br />$147,500 <br />Ownership: Bank -Owned <br />Current Listing Price: $79,900 <br />