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ITEM # 7. <br />MEMORANDUM <br />~~~ <br />TO: Housing & Redevelopment Authority <br />FROM: Catherine Mehelich, Director of Economic Development <br />DATE: September 7, 2010 <br />SUBJECT: Work Session -Discuss DEED Proposed Demolition Loan Program <br />DEED is distributing the attached information to communities in order to gauge the interest <br />level for a new program entitled "Demolition Loan Program". Currently DEED offers a <br />Redevelopment Grant Program that provides funds for acquisition, demolition and <br />remediation activities but only fox sites that have a current private development project in its <br />place. The proposed Demolition Loan Program would provide funds to development <br />authorities or cities for demolition activities on sites even when there is no imminent <br />redevelopment opportunity or plan. DEED is requesting a submittal of potential project <br />information from communities in order to support a request fox legislative funding. <br />At its August 2010 meeting the HRA reviewed information about the DEED Proposed <br />Loan Program and directed staff to draft a list of potential projects for discussion at a work <br />session. <br />Qualifying projects (upon program implementation) must meet the following key criteria: <br />• The property and structures are owned by the development authority (at time of <br />official application); <br />• The structures on the property have been vacant for at least one year; <br />• The structures constitute a threat to public safety because of inadequate <br />maintenance, dilapidation, obsolescence or abandonment; <br />• The structures are not listed on the National Register of Historic Places; <br />• Upon completion of the demolition, the development authority reasonably expects <br />that the property will be improved and these improvements will result in economic <br />development benefits to the municipality. <br />The purpose of the HRA work session is to discuss potential projects fox the DEED <br />Proposed Loan Pxogxam. Staff will provide a verbal update at the meeting. <br />N:\Departments\Community Development\Economic Development\Projects\Demolition Loan Program\9.7.10 IIRA.doc <br />