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Item Number: 7B <br />Meeting Date: December 8, 2008 <br />Type of Business: EDA <br />Administrator Review: _____ <br /> <br /> City of Mounds View Staff Report <br />To: Economic Development Authority <br />From: Heidi Steinmetz, Economic Development Specialist <br />Item Title/Subject: Resolution 08-EDA-250 Authorizing the Expenditure of Tax <br />Increment Financing Funds for the Appraisal of 5066 Irondale Road <br />(For Consideration of Purchase under the EDA’s Housing <br />Replacement Program) <br /> <br /> <br />Background <br /> <br />The EDA created the Housing Replacement Program in 1996. Since that time, the EDA has <br />been involved with the acquisition and/or demolition of about five homes in Mounds View. <br />Staff will provide the EDA with a comprehensive program history at the EDA meeting. <br /> <br /> <br />The objectives of the program are as follows: <br /> <br />• Replace deteriorating substandard housing on scattered sites throughout Mounds <br /> View with larger, higher value housing designed for owner-occupied families <br /> <br />• Eliminate the blighting influence of substandard housing <br /> <br />• Increase the availability for quality housing for families <br /> <br /> <br />The program offers two options to applicants. <br /> <br />1. Demolition assistance provided as a ten year/forgivable deferred loan <br /> <br />2. Acquisition (the EDA will purchase the home and market it to potential buyers) <br /> <br /> <br />In July 2007, the EDA amended the program criteria to emphasize demolition as the <br />preferred option rather than acquisition. The most recent program criteria is attached for <br />your reference. <br /> <br /> <br />