DATE: February 25, 2020
TO: Members of the Housing & Redevelopment Authority
FROM: Janine Atchison, Housing Coordinator
Title
Land Trust Property Sale-505 Bunker Drive
Body
SUMMARY AND ACTION REQUESTED:
The Housing & Redevelopment Authority (HRA) to adopt resolution in support of sale of former Cannon River Community Land Trust land at 505 Bunker Drive to homeowner Diane Klahr.
BACKGROUND:
The Cannon River Community Land Trust (CRCLT) dissolved in 2013. At CRCLT's request, the HRA agreed to accept ownership of 10 remaining land parcels and hold the same until the owner of the home thereon chooses to sell or refinance their home, at which time the HRA would sell the land to the homeowner and thereby unite the title to the land and the home thereon. Unifying the title in this manner would provide the homeowners the ability to sell your home in a traditional manner with minimal paperwork and no extra timelines or permissions from a third party.
Of the ten remaining land parcels transferred to the HRA by CRCLT in 2013, four remain in the ownership of the HRA. On January 28, 2020 the HRA discussed options by which the remaining four land parcels it owns might be transferred to the individual homeowners. The Board voted to offer these homeowners the opportunity to purchase the land on which their homes are situated for an amount equal to 25% of the Rice County Assessor's land value for 2020. Staff was directed to send an offer letter to each of the four remaining homeowners with this information. The offer will remain in effect for six months from the date of the offer letter.
ANALYSIS:
The Northfield HRA recognized the CRCLT's central purpose was to promote the welfare and well-being of the Northfield community by providing a more affordable option for homeownership to the public than the market would otherwise provide. The HRA felt that the offer to sell the land protects the homeowner's initial investment and allows the homeowner to realize the full...
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