2007.04.16 EDA Packet - Laserfiche WebLink

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re& R4 edWd Osseo began redevelopment in 1992 and created the Economic Development Authority in 1995 to ensure the continued vitality of our community through s redevelopment. Below are some of the results. Osseo acquires substandard homes like this one at 513 3rd Street NW from willing sellers through grants as part of its Scattered Site 0 New Housing Choices — Housing Acquisition Program. Since 1992, 101 new multi-housing units have been added to the , community and 87 more were planned or under construction in 2003. These totals include condominiums,townhomes and senior housing. h= Prior to 1992, limited housing choices caused some residents to relocate to other communities. New Single-Family Homes — Since 1995,the City has used$695,000 in Hennepin County housing grants to purchase substandard homes in the community and sell the land to a developer for the construction of new homes.As a result,there are five new _ single-family homes in the community and two more under construction Osseo works with developers who construct new bomes that will have a traditional appearance. like this one at 5171st Avenue NW at the cleared site of an old substandard home. ■ Roll-Over Housing Opportunities — When long-time Osseo residents choose to move into townhomes or other new housing because they don't want to maintain a single-family home,they ' free-up single-family homes for new families that move to our community. tet .. ® New Businesses — Commercial redevelopment has brought many new businesses to our community including North Medical Clinic,Rose Distribution,North Country Sports,Main Street Pharmacy/First Avenue Commons,Bell Tower Offices/Commerce Center,Heinen&Mason and Calico Barn. BEFORE—This abandoned bus garage on 2nd Awnue NW was cleared ■ New Investment in the Community — in 2002. Redevelopment projects from 1992 to present have resulted in $54.4 million in new investment in the community,including $36 million in commercial development and$18 million in residential development. Other signs of investment in the community include an increase in total building permit _ value from $5 million in 2000 to $24.9 million in 2003. �� • '� u� m L.�,. ■ School Investment — More families with school age children and community confidence help -' support investment in Osseo schools. In 2000,a$138.9 million referendum was passed with $20 million dedicated to remodeling Osseo Elementary, Osseo Junior High and Osseo Senior High Schools. This type of AFTER_The Celtic crossing development features 64 units of investment enables our community to retain traditional neighborhood adult,market-rate condominiums and is under construction at schools that are within walking distance for many students. the former bus garage site.