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Mounds View EDA January 9, 2012 Regular Meeting Page 2 46 Economic Development Specialist Steinmetz explained the EDA bylaws state the Authority shall 47 elect a President, Vice President, Treasurer and Secretary at the first meeting of each year. If the 48 same roles are filled as was done in 2011, the President would be Joe Flaherty, the Vice President 49 would be Roger Stigney, the Treasurer would be Carol Mueller and the Secretary would be Al 50 Hull. 51 52 The Authority was in agreement with these recommendations. 53 54 MOTION/SECOND: Gunn/Hull. To Waive the Reading and Approve Resolution 12-EDA-268 55 Electing and Appointing Officers for 2012 to the Mounds View Economic Development 56 Authority (EDA). 57 58 Ayes – 5 Nays – 0 Motion carried. 59 60 B. Consider Demolition Assistance for 8379 Red Oak Drive. 61 62 Economic Development Specialist Steinmetz stated a representative for the property owner at 63 8379 Red Oak Drive contacted City Staff in November regarding demolition assistance. Staff 64 provided the rep with information on the Home Demolition Program. The City has a loan 65 program providing up to $10,000 at 3% with fixed monthly payments. 66 67 Economic Development Specialist Steinmetz indicated the homeowner felt this may be too much 68 at this time and wished to delay pursuing the loan.. Staff then suggested a deferred loan at 0% 69 interest which would assist the property owner with demolishing the home. She stated this 70 would be a diversion from the current loan standards. 71 72 Economic Development Specialist Steinmetz explained the home at 8379 Red Oak Drive was 73 built in 1938, was a one-story structure, and was currently vacant. The home was declared unfit 74 for habitants by the City. She indicated the property has a history of code violations and police 75 calls. The demolition of the structure would eliminate these concerns. Staff recommended the 76 $10,000 loan at 0% to assist the property owner with the demolition. 77 78 Commissioner Mueller questioned if the property was in foreclosure. Economic Development 79 Specialist Steinmetz stated Staff was not aware of any foreclosure actions. 80 81 Commissioner Mueller asked for the size of the lot. Economic Development Specialist 82 Steinmetz did not have the exact size of the lot but reported the value of the structure and land to 83 be $94,900 for 2012. 84 85 Vice President Stigney asked if the existing $10,000 loan program at 3% was deferred. 86 Economic Development Specialist Steinmetz indicated this loan program was not deferred, the 87