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<br />REQUEST FOR HRA DISCUSSION <br />Date: 05-17-05 <br />Item No: 8.a. <br />Staff Approval: Agenda Section: <br /> CB Discussion <br />Item Description: Update on Fund Request for 311 County Road B (HF28) <br />Background <br />1.0 <br />1.1The HRA supported the submission of an MHFA consolidated request for proposals in <br />February, 2005. In addition, the HRA supported the application of CBDG and Home <br />Funds from Ramsey County in March 2005. Both of these applications were for <br />acquisition funding relating to the property at 311 County Road B. <br />a.The request for MHFA funding was not supported at this time due to the <br />competitiveness of other applications and readiness of this project. Staff will <br />review additional options and possibility of resubmission of funding in July. (See <br />attached funding summary). <br />b.The request for county funding was favorably recommended by County staff and <br />accepted by the County Board acting as the Ramsey County HRA in the amount <br />of $250,000. Ramsey County has been very pleased with the result of the <br />Applewood Court project and is willing to work with the HRA to help fund and <br />facilitate more opportunities for first time buyer small lot homes. (See attached <br />funding summary). <br />1.2The HRA also directed staff to conduct an appraisal of the property as well as hire a <br />design firm to prepare three sketch plans for possible small lot single family homes on <br />the site. (The appraisal and site schemes are attached). <br />1.3Staff has been meeting with the property representative who is still interested in working <br />with the HRA on development and purchase options, including the possibility of a <br />request for development proposals from prospective developers. <br />Suggested Next Steps <br />2.0 <br />2.1Continue to work with the County and MHFA on funding for the project. <br />2.2Review additional funding sources for the project with HRA attorney. <br />2.3With approval of the property representative, prepare a request for proposal for review <br />by the HRA in June. If supportive, a RFP could be sent to prospective developers to <br />partner with the HRA on development of the site. <br />Prepared by: Cathy Bennett (792-7072) <br />Attachment: MHFA & Ramsey County funding summary, Appraisal and preliminary site schemes. <br />RHRA_ 311 B update (05-17-05) - Page 1 of 1 <br />