Title
Approval of the October 9, 2013 HRA Meeting Minutes.
Body
ROLL CALL
Present: Commissioners Bostrom, Brendmoen, Khaliq, Lantry, Stark, Tolbert
Excused: Commissioner Thune
CONSENT
1. Approval of the September 25, 2013 HRA meeting minutes.
Commissioner Lantry moved approval.
VOTE: Yeas - 6 Nays - 0
PUBLIC HEARING
2. Resolution Approving the Sale of Land and Conveyance of Parcel 767 Jessamine Avenue E. under the ISP/NSP Program, Payne-Phalen, District 5, Ward 6.
Ms. Cecile Bedor, HRA Executive Director, stated that the HRA purchased 767 Jessamine Avenue in 2012 with NSP funds for $76,230. This foreclosed one story, 1,069 square foot accessible home with three bedrooms and one bath was built in 1975. The property is being sold to Sun Lee based on the after-rehab appraisal and in consideration of NSP costs for $146,000 with an owner-occupancy deed restriction. Total gap assistance is $119,569 with program income estimated at $134,000.
Commissioner Bostrom announced the public hearing. There being no testimony, Commissioner Brendmoen moved approval. Approved as set forth in resolution RES PH 13-265.
VOTE: Yeas - 6 Nays - 0
3. Resolution Approving the Sale of Land and Conveyance of Parcel 635 Edmund Avenue under the ISP/NSP Program, Thomas-Dale/Frogtown, District 7, Ward 1.
Ms. Bedor stated that the HRA purchased 635 Edmund Avenue in 2010 with NSP funds for $29,533. This foreclosed one story, 1,101 square foot accessible home with one bedroom and one bath was built in 1887. The property is being sold to Clarence Castile based on the after rehab appraisal and in consideration of NSP costs for $99,900 with an owner-occupancy deed restriction. Total gap assistance is $194,113 with program income estimated at $5,990.
Commissioner Khaliq inquired about the $211,000 rehab cost of this 1,100 square foot property; how staff estimates rehab costs; and how staff justifies a sale price lower than what was invested in the property.
PED staff member Sa...
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