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• STAFF REPORT <br /> DATE: October 5, 1994 <br /> TO: Mayor and Councilmembers <br /> FROM: Michael Mornson, City Manager <br /> ITEM: PUBLIC HEARING-REDEVELOPMENT PLAN FOR 3111 SILVER <br /> LAKE ROAD <br /> Minnesota State Statute 469.028 requires an application by the HRA with a redevelopment <br /> plan, a statement of the method proposed for financing the project, and the written opinion of <br /> the Planning Commission. Before approving the redevelopment plan by resolution, the City <br /> Council shall hold a public hearing. The application, redevelopment plan, and method of <br /> financing is included with this report. The written opinion of the Planning Commission is <br /> from the minutes of their September 20, 1994 meeting, and the minutes are included with this <br /> report. The public hearing notice, published on September 28, 1994, within the 10 day <br /> • minimum and 30 day maximum required parameters. Resolution 94-050 has been submitted <br /> for your approval. <br /> Staff believes the land in the project area would not be redeveloped by the market place alone. <br /> City staff will make a request for proposals (RFP) from private developers to acquire and <br /> redevelop in the project area. The difference between the acquisition price paid by the <br /> developer and the $42,800 plus closing costs paid for by the City is HRA financing that <br /> enabled the project. The plan is consistent with the needs of the community and conforms to <br /> the general plan for the development of the community, as the City is striving to maintain or <br /> improve housing stock in the community. <br /> • <br />