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tti p, Request for Action <br /> River <br /> To Item Number <br /> Housing and Redevelopment Authority 7.3 <br /> Agenda Section Meeting Date Prepared by <br /> General Business September 8,2015 Amanda Othoudt,EDD <br /> Item Description Reviewed by <br /> HRA Blighted Properties&Forgivable Cal Portner,City Administrator <br /> Commercial/Industrial Loan program Reviewed by <br /> Action Requested <br /> Approve,by motion, the HRA Blighted Properties Forgivable Commercial/Industrial Loan program <br /> policy and application. <br /> Background/Discussion <br /> Staff crafted the attached the Blighted Properties Forgivable Residential Loan Policy and the Blighted <br /> Properties Forgivable Loan Commercial and Industrial Policy at the direction of the HRA after several <br /> discussions and workshop meetings over the past few months. The city attorney, our financial advisor, <br /> and the finance department have reviewed both the residential and commercial policies and applications. <br /> Blighted Properties Forgivable Commercial/Industrial Loan program <br /> The policy addresses commercial,industrial,and retail properties are identified by a licensed structural <br /> engineer as structurally substandard according to Minnesota Statutes Section 117.025, subdivision 7. <br /> The purpose of the program is to reinvest in blighted properties to preserve or enhance local tax base and <br /> create permanent,private-sector jobs to stimulate above-average economic growth. It is intended to <br /> leverage private investment to ensure economic renewal and competitiveness,improve employment and <br /> economic opportunity for citizens, create a reasonable standard of living, and stimulate of productivity <br /> growth through improved commercial,retail,manufacturing or new technologies. Applications will be <br /> accepted on an ongoing basis and reviewed monthly. <br /> Financial Impact <br /> To support this program, the HRA would appropriate a predetermined amount of reserves from the <br /> HRA fund balance.As of August 31,2015, the HRA has a fund balance available for Housing and <br /> Redevelopment purposes of approximately$1 million. <br /> Attachments <br /> • DRAFT HRA Blighted Properties&Forgivable Commercial/Industrial Loan program <br /> I I i f 1 E / i t <br /> INAfURE! <br />