2002_0819_packet - Laserfiche WebLink

Home

Evidence of critters nesting in the home; No basement and only a crawl space with a dirt floor where a large area of the masonry foundation wa11 has ca�ed in that also has e�tensive mold issues; The interior floor plan is outdated and has been altered to an e�ent that relocating of interior walls would be necessary were we to try and remodel; The mechanical systems, electrical, plumbing and HVAC, are outdated and do not appear to be in working order, are poorly located and would need to be replaced; All interior finished surfaces including ceilings, wa11s and floors would need to be replaced; The bathrooms and kitchen would require new fixtures, cabinets and appliances. Based upon these issues the HRC has determined that it would be less expensive to demolish the e�sting structure and build a new home rather than try to e�tensively remodel the home and add a new foundation and basement. 3_0 2012 Eldrid�e Ave. PropertV Facts & Purchase Summarv: 3.1 The home at 2012 Eldridge is a 2 story, single family dwelling with no basement. The properiy is located in R-1 zoning in mid block of Eldridge east of Cleveland Avenue. The home was built in 1952. The square footage of the home is 1907 square feet of living space. 3.2 The property has a 2001 assessed value of $138,200. Total taxes payable for 2002 are estimated at $1,23 8. 3.3 The HRC has discussed the purchase of the home with the property owner. Based upon a sales price in the range of the assessed value, the HRC has two options Option 1 Option 2 Market Rate Affordable Est. Assessed Value $138,000 $138,000 Est. Taxes $1,238 $1,238 Pro osed new Home S.F. 2,000 1,500 Pro osed Sales Price $280 - $300,000 $180,000 Ci Assistance $65,000 $140,000 2"d Mo1't a e— back to Ci $0 $60-$70,000 Potential New Taxes $3,000 + $1,800 + New Gain — Pro er Tax $1,762 / ear $562 / ear 3.4 With either option, the HRC would purchase the properiy; manage the construction and sale of the properiy. The HRC, being a non-profit housing organization does not make a profit on the property but does charge a development fee of $10,000. RCA PF #3312 - HRP, 2018 Hamline 05/07101 • Page 2 of 3