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HomeMy WebLinkAbout13.F.1. Scott County Community Development Authority Presentation J~. ~ J. CITY OF SHAKOPEE Memorandum TO: Mayor and City Council FROM: Mark McNeill, City Administrator SUBJECT: Scott County CDA Presentation DATE: March 3, 2009 Comment: Introduction: At its March 3rd meeting, the City Council will hear a presentation by the Scott County Community Development Authority regarding its activities in the City of Shakopee. Background: Executive Director Bill Jaffa has requested time to appear before the City Council to provide an update on the CDA (formerly the Housing and Redevelopment Authority) and what that organization has been doing in Shakopee. Mr. Jaffa is expected to speak about River City Centre, a potential development on the St. Mary's Church campus, and other projects in Shakopee. Originally, this was to be part of the workshop to be held at SPUC on March 2nd, but in view of the availability of time on the March 3rd agenda, it has been rescheduled to Tuesday evening's meeting Relationship to Visioning: This supports Goal D, "Vibrant, resilient, and Stable" Action Required: No action is required-this is advisory only. /lJuJ2VVc;~ Mark McNeill City Administrator Scott County Community Development Agency 323 South Naumkeag Street Shakopee, MN 55379-1652 Phone: 952.402.9022 Fax: 952.496.2852 Shakopee City Council Meeting March 3, 2009 Most of these projects are in planning, negotiation, or scheduled for development in 2009. 1) St. Mary's Campus Concept (See Exhibit A) 2) River City Centre, Northridge Court Update* 3) Neighborhood Stabilization Program (NSP) (See Exhibit B) 4) Chad Pointe Development, J orctan, MN (See Exhibit C) 5) Jordan Mixed Use Development (See Exhibit D) 6) Britland Apartments, Jordan (USDA Rural Development) 7) Elko New Market Mixed Use Development (See Exhibit E) 8) Glendale Place, Savage, MN* (See Exhibit F) 9) Tenant Project-Based Assistance and Self-Sufficiency *Existing proj ect( s) DeAnn Croatt Commissioner District I Ben Zweber Commissioner District II Marjorie Henderson Commissioner District III Patti Sotis Commissioner District IV Jane Victorey Commissioner District V Affirmative Action / Equal Opportunity Employer LU e)< Z6 - tJ) fnw :)z O~ z:!: a:w O~ _0 Z~ w< fn~ 1ft 'J4I . 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(") G) L~:"':"':"':_~': OJ OJ OJ 0 Q) 3 ~ AJ AJ AJ Q) + + 3 (Q c 0 (D COD ::::J ::::J en 83b..... ,....... ....-rm.- ..~; ....'.. --;nn...... .. .......-_.rffi1/,....... . ....... ..H --. . _'.'1:':" -', ',"._, _ .'- ,':: ',' .<': _, ~ ..' , . .. ," - , ..' .,.. ' .~.... t " I' : .' I Q) C) cu ~ cu C) fA C o E E o u c Q) C + + ~~~ alalal ~~N ~ o o - LL -C ~ .- .c I- ~ o o - LL -c ~ o CJ Q) tJ) \.)~ ...,. '\a\., \ . '.~ \\~ \\ I,.' r.;1 \ '~ \, \ i~_~___ E~T Neighborhood Stabilization Program (NSP) The U.S. Department of Housing and Urban Development's new Neighborhood Stabilization Program (NSP) provides targeted emergency assistance to states and local governments to acquire and redevelop foreclosed properties that might otherwise become sources of abandonment and blight. Areas of Greatest Need Minnesota Housing has targeted funds to give priority emphasis and consideration to areas with greatest need identified through a funding formula: . Areas with the greatest percentage of home foreclosures; . Areas with the highest percentage of homes financed by a sub-prime mortgage related loan; and . Areas, identified as likely to face a significant rise in the rate of home foreclosures. Scott County CDA has been awarded $734,988 for the zip code of 55379 With these funds, the Scott County CDA will: . Purchase approximately four properties that are in foreclosure . Perform any rehab or maintenance needed to retain housing values within a neighborhood . Rent these properties at affordable rents Rents cover expenses for the properties, and any profit to the CDA is unlikely. However, if that would occur, profits would be obligated back to the MHFA to fund other programs. LU . )Jf"t~t ",.., ,c,. _' If...n..,. .' .;"::'.:-.' . ;. ,..~' ' '.'. (". . . .~.' ~ ~, '''t' o! i~~~:,' < .l!:' .~t JO/....; .~\ . ~~, ~i" .~ '.' 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