2002_0819_packet - Laserfiche WebLink

Home

4. 0 Staf f� Recommendation 4.1 City staff is recommending that assistance be provided to the HRC for the purchase and rebuilding of a home at 2012 Eldridge at an amount not to exceed $65,000. Based upon the value of the homes in the neighborhood, size of the lot and cost to purchase the home, staff believes that selling the home at a market price of $280,000 -$300,000 would be the most efficient alternative. In this case, the level of assistance needed to rebuild the home as an affordable option would be double. Roseville's housing program provides the City Council with alternatives and i'�' hatsnq�ats�bu��tle s a b a 1 a n c e f o r b o t h 1 o w and moderate income, high quality housing options. 42 The following are reasons to provide assistance to this project: ■ Increase the property value of the property and neighborhood. Previous successful single family property replacements that the City has participated in have generated between 150% - 350% increase in market value within 3-4 years. � Relieve the neighborhood of the nuisance and unsightly condition of the dilapidated home. ■ Eliminate city staff, Council and attorney time and cost in providing ongoing code compliance of the e�sting home. Staff estimates that if the property is not sold it will continue to remain in violation of the city code and additional abatements will be required. 5.0 Su��ested Council Action 5.1 By motion, approve assistance in the amount not to exceed $65,000 to the Housing Resource Center under the Greater Metropolitan Housing Corporation for the purchase, demolition and rebuilding of property located at 2012 Eldridge Ave. The funding source is to be the Roseville Housing Fund. Prepared by: Cathy Bennett, 490-2241/Dennis Welsch, 490-2232 Attachments: site location, property pictures \1Q1Housing�ReplaCement Program�2012 Eldridge Street12012 Hamline Renovation Assistance RCA.doc RCA PF #3312 — HRP, 2018 Hamline 05107101 - Page 3 of 3