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Housing &RedevelopmentAuthority Of Pequot Lakes West Grove Townhomes•Sibley Terrace•Parkview I&II'Alpine Apts. February 28,2006 TO: PEQUOT LAKES CITY COUNCIL MAYOR MALECHA CLERK SANDY PEINE The Pequot Lakes HRA is working on their 2006 goal of purchasing available lots within the urban area of Pequot Lakes,removing old homes or structures,and constructing new affordable single-family homes. To date, we have partnered with Central Minnesota Housing Partnership in building two homes on Gravdahl Drive. We have partnered with Region 5 Housing Program to build a new home on Pine St. And currently,a new home is going up on Ash St., also a Region 5 ICWC built home. The Crow Wing County HRA and the City of Pequot Lakes have contributed to these past endeavors. The HRA has an opportunity to purchase a larger property on S. Oak St.,and to construct three homes. The property currently has a very old home on it, which will be torn down. The lot is 200' X 140' (see attached map) and will be subdivided to allow for three new homes. The Region 5 Development Commission has indicated that funds will be available for the purchase of this property when the Ash St. house is sold. A prospective buyer for this home has signed a purchase agreement. The Pequot Lakes HRA has entered into a purchase agreement with the owner of the S. Oak St. property. A closing date will be within 60 days. The Crow Wing County HRA has provided the $5,000 down payment as a short-term loan. In the event that Region 5 should not continue with their housing program,Habitat for Humanity will be contacted. The Crow Wing County HRA has also indicated that purchasing lots for new homes is one of their 2006 goals. In any event, the property will be Purchased for future development of affordable homes, by some entity. We are very excited about this particular piece of property. It is in an area identified in the Comprehensive Plan as urban residential. It is two blocks walking distance from downtown and one block from the school. There will be one less old structure replaced with three new affordable homes for families. The property's cost will be reasonable in keeping with development of homes within the $125,000 to $130,000 price range for young families and first-time home-buyers. The Pequot Lakes HRA requests the support of the Pequot Lakes City Council. Additional costs beyond the land purchase will be survey costs,planning and zoning costs, water and sewer hook-up fees,and permit fees. We feel strongly that the City should participate in some of these costs. 31203-N.Oak St.P.O.Box 243•Pequot Lakes,MN56472.218-568-4555.218-568-8968(Fax) •pequotlakesgovoffiee.com