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Mounds View EDA March 12, 2007 <br />Regular Meeting Page 2 <br /> <br />habitation and the property owners made some minor improvements to avoid demolition and 46 <br />then the property was sold to the Krigs who would like to demolish the building and construct a 47 <br />new home on the site. He then reviewed the Housing Replacement Program with the EDA and 48 <br />said that Staff fully supports the funding request for demolition as Staff feels that demolition and 49 <br />rebuilding of a new home on the site is in the best interest of the property owner, the City and the 50 <br />neighborhood. 51 <br /> 52 <br />Commissioner Flaherty asked how much is in the fund. 53 <br /> 54 <br />Director Ericson indicated the fund is approximately $150,000. 55 <br /> 56 <br />Commissioner Flaherty said that this will assist with housing stock and keep residents in the City 57 <br />and he thinks this is a very good program. He then asked what assurance there is that a new 58 <br />home will be built on the site. 59 <br /> 60 <br />Director Ericson indicated that the documents can be structured to require a building permit 61 <br />within one year and/or funds can be required to be refunded should a home not be built on the 62 <br />property. 63 <br /> 64 <br />Vice President Stigney asked if the new owners were planning on replacing or remodeling when 65 <br />they purchased the property. 66 <br /> 67 <br />Mr. Krig said he was not sure at the time. 68 <br /> 69 <br />Vice President Stigney said he assumes that the costs involved would have been reflected in the 70 <br />purchase offer. 71 <br /> 72 <br />President Marty commented that he would like a timeline or an expiration date listed in the 73 <br />Resolution. 74 <br /> 75 <br />Commissioner Mueller asked what would happen if the City assisted with the demolition and the 76 <br />plans for construction did not meet the City’s Code requirements. 77 <br /> 78 <br />Mr. Krig indicated that the plans for construction have already been submitted. He then said that 79 <br />their intent is to start the foundation immediately after demolition is completed. 80 <br /> 81 <br />President Marty commented that it is a really nice lot. 82 <br /> 83 <br />Mr. Krig explained that they added the garage so the estimate will be increased somewhat. 84 <br /> 85 <br />Commissioner Mueller asked if the property owner is willing to pay to demolish the garage. 86 <br /> 87