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HRA Meeting Minutes – Tuesday, October 21, 2014 Page 4 1 lost the CSI development to the City of Roseville, Mr. Bilotta advised that it served to make 2 those property owners surrounding the area that needed to clean up the property and prepare it 3 for future development, with them now balancing offers versus a “wait and see” approach. Mr. 4 Bilotta further noted that Roseville Properties on Fairview Avenue was talking about potential 5 projects, which may be an opportunity for partnership with the HRA, as well as staff 6 continuing to watch the Sherman project and other properties in this changing development 7 atmosphere. 8 9 Specific to the east side, Mr. Bilotta noted that there was no current planning effort; however 10 he also noted that there was no regulating plan in place at this time for the area along Terrace 11 Drive and south (current boat and trucking firm). 12 13 At the request of Chair Maschka, Mr. Bilotta clarified that housing is allowed in mixed use 14 development, such as Twin Lakes, and depending on the market, there were strong indications 15 from informal discussions to-date in the neighborhood and at the City Council level, that if 16 done well, residential use makes sense in that area (west side of Langton Lake). 17 18 Chair Maschka opined that in order to make it financially feasible, density would need to 19 increase, and more stories built. 20 21 Mr. Bilotta advised that density helped from a cost standpoint; and also noted that as for 22 contamination issues, apartment buildings could handle ventilation needed better than a single- 23 family home. 24 25 Related to the presentation, Chair Maschka noted that this took into consideration a ten year 26 period from 2004 to 2014, with the peak in 2006 with loss of assessed value, with those values 27 now creeping back up; and asked if those things were taking into account, with all property 28 values going up and down to some extent. 29 30 Mr. Bilotta clarified that the data was based on properties and relative changes from property 31 to property; with the assumption being that if the Ramsey County baseline increases, it didn’t 32 necessarily follow fluctuations like the economy. 33 34 In conclusion, Mr. Bilotta used statistics from past HRA actions in their purchase of homes 35 from 1998 through 2001 for its Lot Replacement Program to determine whether or not they 36 were successful. 37 38 Mr. Bilotta compared homes at 2018 Hamline Avenue, 2190 St. Croix Street, and 2100 39 William Street, providing before and after photos, and compared values from then and now 40 and tax implications using numbers provided by the Finance Department for tax implications 41 based on their redevelopment for their overall property tax bill in 2013. Mr. Bilotta noted that 42 all three properties had increased significantly in value and in the amount of property taxes 43 paid. 44 45 At the request of Member Lee, Mr. Bilotta offered to send the link for this interactive map to 46 the HRA. 47 48 Chair Maschka noted the Oasis Park area where several homes had been purchased and 49 rehabilitated in the last few years, also bringing young people into the neighborhood. 50 51 Mr. Bilotta noted that the interactive map allowed you to see things over the years; and noted 52 the reason those homes were purchased was due to their affordability. 53 54 Chair Maschka noted several homes of which he was aware that were ramblers previously 55 owned by elderly people, with their purchase by younger families who were able to purchase