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ITEM # 8. <br />of <br />MEMORANDUM <br />~~ <br />TO: Housing & Redevelopment Authority <br />FROM: Catherine Mehelich, Director of Economic Development <br />DATE: August 2, 2010 <br />SUBJECT: Consider MN DEED Proposed Demolition Loan Program <br />Attachment <br />• Proposed Demolition Loan Program Information <br />The MN Dept of Employment & Economic Development (DEED) is distributing the <br />attached information to communities in order to gauge the interest level for a new program <br />entitled "Demolition Loan Program". Currently DEED offers a Redevelopment Grant <br />Program that provides funds for acquisition, demolition and remediation activities but only <br />for sites that have a current private development project in its place. The proposed <br />Demolition Loan Program would provide funds to development authorities or cities for <br />demolition activities on sites even when there is no imminent redevelopment opportunity or <br />plan. DEED is requesting a submittal of potential project information from communities in <br />order to support a request for legislative funding. <br />Staff requests the HRA's discussion and direction regarding interest in the proposed <br />program. If the HRA is interested in considering the program further, staff recommends the <br />HRA direct one of the following options: <br />• Schedule an HRA work session to discuss potential sites for the proposed program. <br />• Authorize staff to draft a list of potential sites for the HRA's review at a future <br />meeting. Property owners may be contacted by staff notifying them of the <br />preluninary discussions regarding their property and interest in participating. <br />N:\Departments\Community Development\Economic Development\Projects\Demolition Loan Program\8.2.10 HRA.doc <br />