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<br />3. Residential Property Acquisitions. The City has mothballed the Housing <br />Replacement Program (HRP) in response to the Office of the State <br />Auditor’s ruling on past acquisitions not being consistent with the TIF plan. <br /> <br /> A revision of the TIF plan will be undertaken to identify residential and <br />commercial land for the acquisition. A renewed HRP program benefits the <br />community by removing blighted homes and replacing them with new, <br />larger, higher value housing. <br /> <br />The HRP could either purchase a blighted home, demolish it, and sell the <br />lot; or could pay for the demolition of a home if the owner wanted to <br />rebuild. An annual appropriation of $300,000 would probably support two <br />acquisitions or one acquisition and multiple demolitions. <br /> <br />Conclusion: <br />The satisfaction of major past obligations requires the City to adopt a new TIF <br />strategy. This can either be one of several active roles for the existing TIF <br />districts undertaking new projects, or a lesser role for existing TIF districts with <br />major projects reserved for new TIF districts. <br /> <br /> <br /> <br />Respectfully Submitted, <br /> <br /> <br /> <br />Charles Hansen <br /> <br /> <br /> <br /> <br />James Ericson