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<br />REQUEST FOR HRA ACTION <br />DATE: 04/16/04 <br />ITEM NO: 7.a. <br />Staff Approval: Agenda Section: <br />CBAction <br />Use of eminent domain for property located at 2012 Eldridge Street <br />Item Description: <br />(HF 0020) <br />1.0Background <br />1.1The HRA directed staff to issue an appraisal of the property located at 2012 Eldridge <br />Street at the March 16, 2004 meeting based upon the attached property history and <br />condition. An appraiser was hired in late March. As of the date of this report, the <br />appraisal had not been completed. Access to the interior of the structure was granted by <br />the owner, Frank Wu, on Monday, April 12, 2004 but cancelled by the owner. The <br />appraiser will try to reschedule the inspection with the owner for sometime this week. A <br />th <br />preliminary appraisal may be available at the HRA meeting on April 16 for review. <br />1.2Based upon the Roseville City attorney’s memo outlining options available to the City in <br />dealing with this property and the review by the HRA Attorney, the HRA has powers to <br />acquire the site using its statutory authority MN Stat. 469-012 which allows the HRA to <br />use eminent domain to acquire “substandard buildings or improvements”. Clearly the <br />attached review of the history and condition of the property at 2012 Eldridge would meet <br />this definition. <br />3.0Review of Eminent Domain Process <br />3.1Attached is a summary of the process of eminent domain along with a preliminary <br />schedule prepared by the HRA Attorney. Mr. Jim Casserly will be at the meeting to <br />explain the process and answer any questions the HRA members may have. <br />3.2The property owner, Frank Wu, has also been invited to the meeting to present his <br />development plans for the property. <br />4.0Possible funding strategies for redevelopment of the site. <br />4.1If the HRA chooses to pursue the redevelopment of the site using eminent domain or a <br />negotiated purchase with the buyer, the source of funding and repayment needs to be <br />evaluated. <br />4.2There are many varied sources of funds to finance the project depending upon what goals <br />the HRA wants to achieve. The HRA should review and evaluate if the property is to be <br />redeveloped as a market based project or as an affordable project. Both options can be <br /> 2012 Eldridge Request 04/16/04 - Page 1 of 2 <br /> <br />