07-06-2009 HRA MIN - Laserfiche WebLink

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Housing & Redevelopment Authority July 6, 2009 Page 2 MOTION BY LIESER, SECONDED BY MOTIN TO ADOPT THE 2009-2012 ECONOMIC DEVELOPMENT STRATEGIC PLAN. MOTION CARRIED 4-0. Update on Elk River Neighborhood Stabilization Program Ms. Deckert stated that staff has two pending applications with Tri -Cap for down payment assistance funds. She noted that staff has identified five possible homes for acquisition rehab. Staff and Tri -Cap anticipate selecting two homes and moving ahead with purchase agreements in July. She stated that staff continues to monitor the foreclosure situation. Ms. Deckert discussed the memo from Ms. Mehelich regarding Notice of Foreclosure Prevention Counseling. Commissioner Lieser asked if it would be possible to acquire more than two homes. Ms. Deckert stated that it may be possible, but it depends upon whether or not the selling price is 15 percent below market value, depending on the acquisition and rehabilitation costs of the home. She stated that the HRA had only allocated funding for the acquisition/ rehab of two homes in the NSP funding grant application. 7. Update on 171St Focused Area Study Commissioner Motin provided an update on the 171St Focused Area Study. He noted that if the city receives the grant, an interchange would be completed similar to the Highway 169 interchange. If the city does not receive the grant, they may decide to expand the study area further or do a separate study. He noted that the city should know by July 15th whether or not they will receive the grant. (Commissioner Toth arrived at this time — 5:45 p.m.) Commissioner Motin stated that MnDOT is not just looking at road congestion but also economic development opportunities, when considering the applications. Commissioner Kuester asked how the access roads would be dealt with. Commissioner Motin stated that the plan would be similar to Highway 169. He stated that the city was not expecting any funding for 30-40 years, and now they are looking at an interchange at 171St Avenue and another one further south. Commissioner Motin noted that the MnDOT is planning an overlay of Highway and is considering closing the crossover at 171st Avenue, as well as the Jerry's Auto access. He explained that MnDOT would like the interchange at least 1 mile from Highway 101 (possibly at the RDF location), noting that the city does not have a lot of say in the matter. Commissioner Kuester questioned how the city could plan for economic development when we don't know what is going to happen. Cotntnissioner Motin stated that he was hopeful he would have an update next Monday. Other Business Commissioner Toth asked what the status was for First National Bank's plans to move to their financial center across the street. City Administrator Lori Johnson stated that she and Catherine Mehelich met with the bank's representatives in May or June at their request. She stated that there has been no offer by the city to purchase the property. She stated that the bank stated they will be contacting the city with more information when it is available.