8. HRSR 08-02-2010 - Laserfiche WebLink

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Subd. 3. Oualifvin~ Proiects. A proiect qualifies for a loan under this section, if the followine criteria are met: (1) the property and structures are owned by the development authority; (2) the structures on the property have been vacant for at least one year: (3) the structures constitute a threat to public safety because of inadequate maintenance, dilapidation, obsolescence or abandonment; (4) the structures are not listed on the National Resister of Historic Places: (5) upon completion of the demolition, the development authority reasonably expects that the property will be improved and these improvements will result in economic development benefits to the municipality. 116T.5762 LOAN APPLICATIONS. Subdivisionl. Application Reauired. To obtain a demolition loan, a development authority shall apply to the commissioner. The governing body of the municipality must approve the application by resolution. Subd. 2. Reauired Content. The commissioner shall prescribe and provide the application form. The application must include at least the following information: (1) identification of the property; (2) proof of ownership by the development authority; (3) a description of how the structures on the property constitute a threat to public safety, are functionally obsolete and/or are economically unfeasible to repair; (4) length of vacancy; (5) a detailed estimate, alone with supporting evidence. of the total demolition costs for the proiect: (6) evidence that the structures on the property are not listed on the National Register of Historic Places; (7) an assessment of the development potential or likely use of the property after completion of the demolition plan; (8) the current appraised or assessed value of the property; (9) financial documentation necessary for loan underwritinc; (10) other sources of funding if the total estimated demolition costs exceed the loan amount;. (11) the proposed source of funds to be used for repayment of the loan; (12) information showing the applicant's financial condition and ability to repay the loan; (13) the proposed term and principal repayment schedule for the loan: (14) the statutory authorization for the applicant to issue bonds, toeether with a statement that the statutory provision authorizes the use of proceeds of such bonds to pay demolition costs and secure the loan; and (15) any additional information the commissioner prescribes. 116T.5763 PRIORITIES Subdivision 1. Priorities. (a) If applications for loans exceed the available appropriations. loans shall be made for proiects that, in the commissioner's iudgment, provide the highest return in public benefits for the public costs, incurred. "Public benefits" include health, safety and other environmental benefits, blight reduction includine the property's potential for improved economic vitality. functionality and aesthetics, community stabilization, crime reduction. reduced maintenance costs and the potential for future development. In making this iudement, the commissioner shall consider the following: (1) the extent to which the existing property conditions threaten public safety: (2) the length of vacancy of the property; (3) the development potential of the property; (4) the proximity of the property to existing sufficient public infrastructure; (5) the applicant's financial condition and ability to repay the loan.