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Mounds View EDA July 12, 2010 Regular Meeting Page 2 6. CONSENT AGENDA 43 44 None. 45 46 7. EDA BUSINESS 47 48 A. Resolution 10-EDA-260, Authorizing the Expenditure of Tax Increment 49 Financing Funds for the Appraisal of 7968 Edgewood Drive (For 50 Consideration of Purchase Under the EDA’s Housing Replacement Program) 51 52 Economic Development Specialist Steinmetz stated the EDA created the Housing Replacement 53 Program in 1996. Since that time, the EDA has been involved with the acquisition and/or 54 demolition of about five homes in Mounds View. The objectives of the program are as follows: 55 56 • Replace deteriorating substandard housing on scattered sites throughout Mounds 57 View with larger, higher value housing designed for owner-occupied families 58 • Eliminate the blighting influence of substandard housing 59 • Increase the availability for quality housing for families 60 61 The program has the following two options to provide demolition assistance as a ten 62 year/forgivable deferred loan or acquire the property (the EDA will purchase the home and 63 market it to potential buyers). 64 65 Economic Development Specialist Steinmetz indicated on June 21, 2010, staff received a 66 Housing Replacement Program application from Mr. Ken Nollet, owner of a single-family home 67 located at 7968 Edgewood Drive in Mounds View. Built in 1941, the home sits on a .84-acre lot. 68 Mr. Nollet is asking the EDA to acquire the property. Mr. Nollet inherited the property from his 69 uncle and does not reside in the property (the house is currently vacant). Mr. Nollet works and 70 lives in Japan. 71 72 Economic Development Specialist Steinmetz stated Mr. Nollet’s application meets the EDA’s 73 Housing Replacement Program criteria. The property is on the City’s list of parcels eligible for 74 acquisition as part of the EDA’s Project Plan for the Mounds View Economic Development 75 Project. In addition, the home qualifies for the Housing Replacement Program’s blight test 76 because of the totality of the home’s deficiencies. Mounds View’s Housing/Code Enforcement 77 Inspector Jeremiah Anderson completed an exterior and interior inspection of the property on 78 July 7, 2010. 79 80 Economic Development Specialist Steinmetz explained the housing stock surrounding 7968 81 Edgewood Drive has deteriorated based on the amount of vacant and foreclosed properties 82 located within the neighborhood. She indicated the current County assessed value was $120,000. 83 An adjacent property would be on the market later this year. Unfortunately, the status of the 84