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r <br /> CITY OF ST. ANTHONY <br /> HOUSING AND REDEVELOPMENT AUTHORITY DRAFT <br /> • RESIDENTIAL REDEVELOPMENT POLICY <br /> PURPOSE <br /> The purpose of this policy is to increase the property value within the City limits of St. <br /> Anthony and to encourage the continuation of single family ownership. <br /> HOW THE POLICY WORKS <br /> The policy works in two ways: <br /> 1. The City can purchase the property and resell it to a developer, as authorized <br /> under Minnesota State Statute 469.028; or <br /> 2. The developer can purchase the property and request funds from the Housing and <br /> Redevelopment Authority (HRA) to assist in the redevelopment of the property as <br /> authorized under Minnesota State Statute 469.028. <br /> CONDITIONS <br /> • The developer applies to the HRA for assistance to redevelop property, not to exceed <br /> $15,000. <br /> • The HRA applies to the City Council to proceed with this redevelopment project. <br /> • The City Council sets a public hearing on the request, as required by Minnesota State <br /> Statute 469.028. In addition, the Planning Commission issues a written opinion on the <br /> redevelopment. After the Planning Commission has submitted their opinion and after <br /> the public hearing, the City Council considers the request for HRA funds for the <br /> redevelopment of residential property. <br /> • The existing structure must be considered substandard and be demolished by the <br /> developer. <br /> • A new house must be constructed with a minimum increase in value of 3 times the <br /> existing structure, i.e., if the existing structure is valued at $50,000, the value of the <br /> new house must be at least $150,000. <br /> • The new house must comply with the City's zoning ordinance. (A two car garage is <br /> required and the house must be designed in a way to minimize privacy concerns of <br /> adjacent neighbors.) <br /> • The house must be constructed within one year of the Council's public hearing. <br /> • Depending on financial needs, the City may provide up to $15,000 in redevelopment <br /> assistance, provided all conditions of the City's policy are met. The City will not make <br /> payment until the new house is completed. <br />