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Mounds View EDA January 9, 2012 <br />Regular Meeting Page 3 <br /> <br />3% was paid each month until the loan was paid in full. 88 <br /> 89 <br />Commissioner Mueller supported the loan request as the structure had become a nuisance and the 90 <br />property had become blighted. She did not want the neighboring property values to be reduced 91 <br />because of this structure. 92 <br /> 93 <br />Vice President Stigney recommended the loan be deferred, but that the 3% interest rate remain. 94 <br />This would allow the structure to be removed and for the site to be sold. The loan would then be 95 <br />repaid at the time of the sale and the City would capture interest in the meantime. He was not in 96 <br />favor of a free loan. 97 <br /> 98 <br />Commissioner Hull supported the loan option presented by Staff. 99 <br /> 100 <br />Commissioner Gunn agreed with the 0% deferred loan. 101 <br /> 102 <br />Mayor Flaherty supported Commissioner Mueller’s comments were correct. He wanted the 103 <br />blighted property to be improved and for the neighboring property values to be unaffected. He 104 <br />felt in the long run this would save the City money through reduced police calls and code 105 <br />enforcement issues. 106 <br /> 107 <br />Vice President Stigney felt it was wrong that the loan would be deferred until the property sold. 108 <br />He cautioned the EDA from setting precedence with this request as no hardship was found. 109 <br /> 110 <br />Mayor Flaherty indicated a hardship was not demonstrated, but he still supported the request to 111 <br />improve the site. The consensus of the Council was to proceed with the deferred loan. 112 <br /> 113 <br />8. REPORTS 114 <br /> 115 <br />A. Update on Potential Sale of 2832 County Road 10 (PAK Building) 116 <br /> 117 <br />Economic Development Specialist Steinmetz stated the PAK Building at 2832 County Road 10 118 <br />has been vacant since 2005. The listed price of the property was $100,000 less than the County’s 119 <br />estimated market value. She indicated the City could potentially purchase this property to 120 <br />remove the blight in the community and bring about future redevelopment. 121 <br /> 122 <br />Economic Development Specialist Steinmetz explained a private offer has been made for the 123 <br />PAK Building however, one of the property owners did not agree to the offered price made. A 124 <br />judge would now have to hear the case as the property is in receivership. She reviewed the 125 <br />potential timeline for this transaction stating it would be several months before the transaction 126 <br />could be completed. 127 <br /> 128 <br />Commissioner Gunn questioned if the potential auto-body vendor has spoken with the City as 129