meeting at 7:00 pm on Monday, March 5, at Gustavus Adolphus Church, 27th and
Johnson. Your input is needed!
Dear neighbor:
The purpose of this notice is to inform you of a request for the commitment of
significant association funds to build a new house in the neighborhood.
The house at 2803 Polk NE is now owned by the City of Minneapolis. Multiple
inspections have determined that it is not habitable and cannot realistically
be brought up to code. Therefore, it must be demolished.
A city agency, Community Planning and Economic Development (CPED), is proposing
that the Greater Metropolitan Housing Corporation (GMHC) build a new house at
that site. GMHC is a non-profit developer that has built more than 1500 houses
under similar programs.
The purpose of building the house would be to increase property values in the
neighborhood. First, the presence of a high-quality house on the market could
enable other homeowners to ask for a higher selling price for their houses.
Second, a vacant lot could have a negative impact on values in the surrounding
area.
The proposed house would be 1650 square feet with three bedrooms, 2.5 baths,
finished basement, and a new two-car garage. The estimated sales price is
$180,000.
Unfortunately, costs for demolition, construction, and marketing costs are
estimated to be $256,825, leaving a shortfall of $76,825.
Another city program can provide a grant to cover $50,000 of this shortfall.
CPED is asking the Audubon Park Neighborhood Association to provide the
remaining $26,825. The association is able to fund a project of this size.
However, this would be the largest project we have backed.
This would not be a unique project: According to a CPED representative, 39
percent of the associations in Minneapolis have funded the construction of
homes under this program.
The Board of Directors has heard a presentation on the proposed project and is
carefully considering it. However, we strongly encourage our neighbors to take
part in the discussion and decision of whether to fund the project. In
addition, our by-laws require that any expenditure over $25,000 be submitted
for community vote, so it is important to have as much representation as
possible.
The Board of Directors therefore urges you to attend the next community meeting
at 7:00 pm on Monday, March 5, as Representatives of CPED and GMHC will present
information on the proposed project and answer any questions you have.
If you would like more information, please e-mail us at
<email obscured>.
We look forward to seeing you at the meeting.
Board of Directors
Audubon Park Neighborhood Association