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tio,k -�- Request for Action <br /> River <br /> To Item Number <br /> Housing and Redevelopment Authority 7.4 <br /> Agenda Section Meeting Date Prepared by <br /> General Business August 3, 2015 Amanda Othoudt, EDD <br /> Item Description Reviewed by <br /> HRA Blighted Properties &Forgivable Residential Cal Portner, City Administrator <br /> Loan program Reviewed by <br /> Action Requested <br /> Review and comment on the final draft of the HRA Blighted Properties Forgivable Residential Loan <br /> program policy and application. Staff will bring back for formal approval at the next scheduled meeting. <br /> Background/Discussion <br /> After several discussions and workshop sessions, the HRA directed staff to develop a program to meet <br /> the untapped need for assistance with demolition and other redevelopment activities when either there is <br /> no current development plan or where future development visions are hindered by current blight. <br /> In some cases, despite a potential for future redevelopment,hazardous conditions or other public safety <br /> factors may become a community's immediate concern. Securing and maintaining vacant dilapidated <br /> structures is costly. Therefore, the Blighted Properties Demolition & Forgivable Housing Loan program <br /> includes funding for demolition activities when an imminent redevelopment opportunity does not <br /> currently exist. <br /> The city attorney, Springsted, and the finance department have had an opportunity to review and <br /> comment on both the residential policy and application. <br /> Overview of the Blighted Properties Forgivable Residential Loan program <br /> The Blighted Properties Forgivable Residential Loan Program operates on a semi-annual application <br /> cycle. Applications are due February 1 and August 1 of each year. <br /> Qualifying Projects <br /> 1. Upon completion of the project, the property and structures will be owner-occupied dwellings; <br /> 2. The structures constitute a threat to public safety because of inadequate maintenance, <br /> dilapidation, obsolescence, or abandonment; <br /> 3. The structures are not listed on the National Register of Historic Places; <br /> 4. Upon completion of the demolition, the HRA reasonably expects that the property will be <br /> improved and these improvements will result in economic development benefits to the <br /> municipality. <br /> Eligible applicants for this program must be the owner of the property at the time of the application <br /> or before disbursement of funds. <br /> 1 r i t � r <br /> NATURE <br />