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<br />· Evidence of critters nesting in the home; <br />· No basement and only a crawl space with a dirt floor where a large area ofthe masonry <br />foundation wall has caved in that also has extensive mold issues; <br />· The interior floor plan is outdated and has been altered to an extent that relocating of <br />interior walls would be necessary were we to try and remodel; <br />· The mechanical systems, electrical, plumbing and HV AC, are outdated and do not appear <br />to be in working order, are poorly located and would need to be replaced; <br />· All interior finished surfaces including ceilings, walls and floors would need to be <br />replaced; <br />· The bathrooms and kitchen would require new fixtures, cabinets and appliances. <br /> <br />Based upon these issues the HRC has determined that it would be less expensive to demolish the <br />existing structure and build a new home rather than try to extensively remodel the home and add <br />a new foundation and basement. <br /> <br />3.0 2012 Eldridge Ave. Propertv Facts & Purchase Summarv: <br /> <br />3.1 The home at 2012 Eldridge is a 2 story, single family dwelling with no basement. The <br />property is located in R-I zoning in mid block of Eldridge east of Cleveland Avenue. The <br />home was built in 1952. The square footage ofthe home is 1907 square feet ofliving space. <br /> <br />3.2 The property has a 2001 assessed value of $138,200. Total taxes payable for 2002 are <br />estimated at $1,238. <br /> <br />3.3 The HRC has discussed the purchase of the home with the property owner. Based upon a <br />sales price in the range of the assessed value, the HRC has two options <br /> <br /> Option 1 Option 2 <br /> Market Rate Affordable <br />Est. Assessed Value $138,000 $138,000 <br />Est. Taxes $1,238 $1,238 <br />Proposed new Home S.F. 2,000 1,500 <br />Proposed Sales Price $280 - $300,000 $180,000 <br />City Assistance $65,000 $140,000 <br />2nd Mortgage - back to City $0 $60-$70,000 <br />Potential New Taxes $3,000 + $1,800 + <br />New Gain - Property Tax $1,762/ year $562 / year <br /> <br />3.4 With either option, the HRC would purchase the property; manage the construction and sale <br />of the property. The HRC, being a non-profit housing organization does not make a profit on <br />the property but does charge a development fee of $1 0,000. <br /> <br />ReA PF #3312 - HRP, 2018 Hamline 05/07/01 - Page 2 of 3 <br />