Laserfiche WebLink
REQUEST FOR ECONOMIC DEVELOPMENTAUTHORITYACTION <br />Date:5/8/2017 <br />Item No.:6.a <br />Department ApprovalExecutive DirectorApproval <br />Item Description: Consider EnteringInto Development Agreement with Journey Home Minnesota <br />B <br />ACKGROUND <br />1 <br />The Roseville Economic Development Authority (REDA) approved the sale of 196 McCarrons <br />2 <br />Boulevard South to Journey Home MN on April 18, 2017. Journey Home MN is a non-profit <br />3 <br />organization founded in 2008, which provides affordable housing in safe neighborhoods for families at <br />4 <br />risk, military veterans and their families. The next step is for the REDA to approve the development <br />5 <br />agreement which provides the terms of the sale. <br />6 <br />PO <br />OLICY BJECTIVE <br />7 <br />The board determined that 196 S. McCarrons Boulevard meetsthe guidelines of the Housing <br />8 <br />Replacement Program which strives to bring new investment and improvements to the City’s <br />9 <br />neighborhoods. <br />10 <br />BI <br />UDGET MPLICATIONS <br />11 <br />REDA agreed to the sale price of $115,000as a deferred loan that would be an accounts receivableon <br />12 <br />the property. <br />13 <br />SR <br />TAFF ECOMMENDATION <br />14 <br />Make motion to adopt resolution approving development agreement. <br />15 <br />REDABA <br />EQUESTED OARD CTION <br />16 <br />Make motion to adopt resolution approving development agreement. <br />17 <br />Prepared by:Jeanne Kelsey, Housing Economic Development Program Manager, 651-792-7086 <br />18 <br />Attachments:A:Development Agreement <br />B: Resolution approving development agreement <br />Page 1of 1 <br /> <br />