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<br />4.0 Staff Recommendation <br /> <br />4.1 City staff is recommending that assistance be provided to the HRC for the purchase and <br />rebuilding of a home at 2012 Eldridge at an amount not to exceed $65,000. Based upon <br />the value of the homes in the neighborhood, size of the lot and cost to purchase the home, <br />staff believes that selling the home at a market price of $280,000 - $300,000 would be the <br />most efficient alternative. In this case, the level of assistance needed to rebuild the home <br />as an affordable option would be double. Roseville's housing program provides the City <br />Council with alternatives and is not needs based. This provides a balance for both low <br />and moderate income, high quality housing options. <br /> <br />4.2 The following are reasons to provide assistance to this project: <br /> <br />· Increase the property value of the property and neighborhood. Previous successful single <br />family property replacements that the City has participated in have generated between <br />150% - 350% increase in market value within 3-4 years. <br />· Relieve the neighborhood of the nuisance and unsightly condition of the dilapidated <br />home. <br />· Eliminate city staff, Council and attorney time and cost in providing ongoing code <br />compliance of the existing home. Staff estimates that if the property is not sold it will <br />continue to remain in violation of the city code and additional abatements will be <br />required. <br /> <br />5.0 SUf!J!ested Council Action <br /> <br />5.1 By motion, approve assistance in the amount not to exceed $65,000 to the Housing <br />Resource Center under the Greater Metropolitan Housing Corporation for the purchase, <br />demolition and rebuilding of property located at 2012 Eldridge Ave. The funding source <br />is to be the Roseville Housing Fund. <br /> <br />Prepared by: Cathy Bennett, 490-22411Denms Welsch, 490-2232 <br />Attachments: site location, property pictures <br /> <br />\\Q\Hollsing\Replacement Program\2012 Eldridge Street\2012 Hamline Renovation Assistance ReA.doc <br /> <br />ReA PF #3312 - HRP, 2018 Hamline 05/07/01 - Page 3 of 3 <br />