7. HRSR 09-07-2010 - Laserfiche WebLink

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Subd. 3. OualifyingProiects A proiect qualifies for a loan under this section if the following 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 Register 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 mumcipalrty. 116T.5762 LOAN APPLICATIONS. Subdivisionl Application Required 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 Required Content The commissioner shall prescribe and provide the application form. The implication 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 underwriting; (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: (i2) 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 together with a statement that the statutorYprovision 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 judgment provide the highest return in public benefits for the public costs incurred "Public benefits" include health safety and other environmental benefits, blight reduction including theproperty'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 judgment the commissioner shall consider the following: (1) the extent to which the existing~property conditions threaten public safety: (2) the len h of vacancy of the property: (3) the development~otential of the propertys (4) the proximity of theproperty to existing sufficient public infrastructure; (5) the applicant's financial condition and ability to repay the loan.