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<br />EDA Minutes <br />4/13/92 <br /> <br />Page 2 <br /> <br />. <br /> <br />The Economic Development Coordinator informed the EDA that he has <br />prepared an application for funding to the Minnesota Housing Finance <br />Agency under its Minnesota City Participation Program, which is a first <br />time home buyer program. Because this is a first time home buyer <br />program, it is subject to maximum qualifying incomes that are set by <br />MHFA. For example, an adjusted gross income cannot exceed $28,000 if <br />an existing home is purchased, or an adjusted gross income cannot <br />exceed $29,000 for the purchase of a newly constructed home. Bill <br />Rubin further explained that homes under this program are subject to a <br />maximum purchase price. He stated that this price is set at $62,000 <br />for existing homes and $72,000 for a newly constructed single family or <br />an existing two family home. Bill Rubin explained that he is <br />requesting to MHFA that it adjust the purchase price limits to $82,500 <br />for an existing home or $90,000 for a newly constructed home. <br /> <br />COMMISSIONER SCHULDT MOVED TO APPROVE THE APPLICATION TO MINNESOTA <br />HOUSING AND FINANCE AGENCY AND AUTHORIZE THE REQUIRED 1% DEPOSIT FEE. <br />COMMISSIONER HOLMGREN SECONDED THE MOTION. THE MOTION CARRIED 6-0. <br /> <br />7. <br /> <br />Exclusive Option on the EDA Main Street Site <br /> <br />. <br /> <br />Bill Rubin explained that REP, Ltd. has requested an exclusive option <br />on the EDA Main Street redevelopment site. Bill Rubin indicated that <br />the exclusive option provides the developer with a certain comfort <br />level knowing that other developers do not have the ability to deal <br />with the property because the property is off the market. Bill Rubin <br />further explained that the exclusive option is requested for 120 days <br />with the hope that during that period the developer would have time to <br />obtain permits, site plans, financing, and commitments from tenants for <br />the project. <br /> <br />President Gongoll informed the EDA that Mr. Gary Santwire, representing <br />REP Ltd., has requested a 120 day extension to the original 120 day <br />option. President Gongoll indicated that he would prefer not to <br />consider the request for an extension until the original 120 days has <br />expired and any extension would be negotiated between the parties. <br /> <br />COMMISSIONER DWYER MOVED TO APPROVE A 180 DAY EXCLUSIVE OPTION WITH REP <br />LTD. ON THE EDA MAIN STREET REDEVELOPMENT SITE WITH THE OPTION EXPIRING <br />ON OCTOBER 12, 1992. COMMISSIONER HOLMGREN SECONDED THE MOTION. THE <br />MOTION CARRIED 6-0. <br /> <br />8. EDA Spring News Letter <br /> <br />Bill Rubin informed the Commission that proposed topics for the <br />newsletter are Downtown Development Corporation, Cretex <br />(industry highlight), public safety, and business briefs. <br /> <br />spring <br />Company <br /> <br />9. Prospect Status Report <br /> <br />. <br /> <br />Discussion was held regarding the prospect status report which was sent <br />under separate cover. <br /> <br />10.1 Downtown Development Corporation <br />