03-17-2009 EDC Meeting - Laserfiche WebLink

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Bump outs Lighting Trees Future Park area Commercial Rehab 10 buildings * $40,000/bldg = $400,000 - $200,000 Approximately 18 buildings Windshield survey is needed - 25% of buildings in the target area must be considered substandard Rental Housing Rehab 1 bldg w/6 units * $12,500/unit = $75,000 - $50,000 1 or 2 buildings with rental housing in the 4 block core discussed Internal property survey probably needed Must be eliminated substandard living conditions HUD 2000 LMI Census Data (% Low-Mod Persons/Total Population) Pequot Lakes is 45.3% Brainerd is 55.7% Jenkins is 51.3% The group also discussed the highway project and the economic development conditions impact on this proposed project. The group then put actual numbers to the page to review the extent of the potential projects. Potential Uses of Financing 4 Blocks South 2 Blocks Utility/Roadway Government Drive $1,400,000 $200,000 - $450,000 Alleyway $ 120,000 $ 50,000 - $ 50,000 Commercial Rehab/Demolition $ 200,000 - $ 400,000 $200,000 - $400,000 Rental Rehab $ 50,000 - $ 75,000 $ 50,000 - $ 75,000 TOTALS $1,770,000 - $1,925,000 $500,000 - $975,000 Potential Sources of Financing discussed — Assessments Sales Tax TIF USEDA CWC General Fund Legacy Amendment Final Report and Conclusions — 1. The 2 Block S of CR 11 along Government Drive targeted area for the project is more feasible in regards to cost. 2. A windshield survey needs to be done of the area to determine if it fits the requirements of SCDP funds for slum and blight. 3. An area survey of the rental tenants will need to be done to determine if the target area fits the requirements of SCDP for LMI. Pequot Lakes HUD 2000 LMI Census Data for Pequot Lakes = 45.3%, if it was 50% or greater this would not be a factor.