Title
Approval of the April 11, 2012 HRA meeting minutes.
Body
ROLL CALL
Present: Commissioners Bostrom, Brendmoen, Carter, Lantry, Stark, Thune, Tolbert
CONSENT
1. Approval of the March 28, 2012 HRA meeting minutes.
Commissioner Lantry moved approval.
VOTE: Yeas - 7 Nays - 0
2. Authorization to Execute License Agreement with Hollis Lynne Monnett, Trustee for Patio Seating Area on Part of 1433 University Avenue West, District 11
Commissioner Lantry moved approval. Approved as set forth in resolution RES 12-672
VOTE: Yeas - 7 Nays - 0
PUBLIC HEARING
3. Resolution Approving the Sale of Land and Conveyance of Parcel 501 Magnolia Avenue E. under the ISP/NSP Program, Payne-Phalen District 5.
Ms. Cecile Bedor, Executive Director for the HRA stated that this vacant and foreclosed property was purchased in March, 2009 under the Neighborhood Stabilization Program (NSP). It is a two story, 1,650 sq/ft home with four bedrooms, and 1 ¾ bathrooms, and was built in 1916.
The HRA purchased the property for $32,476 representing a discount of more than 38%. The cost of the rehab was a little over $175,000; it’s being sold, based on the after-rehab appraisal and consideration of NSP Costs, for $154,900 with a deed restriction requiring owner-occupancy. The gap assistance is approximately $75,000, and program income is approximately $127,900.
Chair Thune announced the public hearing. There being no testimony, Commissioner Brendmoen moved to close the public hearing and approve the resolution. Approved as set forth in resolution RES PH 12-102.
VOTE: Yeas - 7 Nays - 0
4. Resolution Approving the Sale of Land and Conveyance of Parcel 826 Blair Avenue under the ISP/NSP Program, Thomas-Dale District 7.
Ms. Bedor stated that the HRA purchased this vacant and foreclosed home in June, 2009 under NSP for $28,500, representing a discount of more than 18%. It is a 1½ story, 1,100 sq/ft home with two bedrooms, one bath, and was built in 1911.
The rehab costs we...
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