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EOty1� ,.,�� Request for Action <br /> River <br /> To Item Number <br /> Mayor and City Council 8.4 <br /> Agenda Section Meeting Date Prepared by <br /> General Business September 21, 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 Blighted Properties Forgivable Commercial and Industrial Loan Policy at the <br /> direction of the HRA after several discussions and workshop meetings over the past few months. The <br /> city attorney, our financial advisor, and the finance department have reviewed both the residential and <br /> commercial policies and applications. <br /> At the September 7 meeting, the HRA reviewed the Blighted Properties Forgivable Commercial and <br /> Industrial Loan Program and recommended approval of the policy to the City Council. <br /> Blighted Properties Forgivable Commercial/Industrial Loan Program <br /> The policy addresses commercial,industrial, and retail properties 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 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 /> Upon approval from the City Council, the HRA would appropriate a predetermined amount of reserves <br /> from the HRA fund balance. As of August 31, 2015, the HRA has a fund balance available for Housing <br /> and Redevelopment purposes of approximately$1 million. <br /> Attachments <br /> ■ DRAFT HRA Blighted Properties & Forgivable Commercial/Industrial Loan program <br /> POWERED 6T <br /> AR <br />