1992 EDA Annual ReportCRYSTAL ECONOMIC DEVELOPMENT AUTHORITY
1992 ANNUAL REPORT
Throughout 1992, the Crystal Economic Development Authority
(EDA) continued its efforts to revitalize housing stock and
pursue economic development in the City.
Towards improving the housing stock, the EDA generally used
its resources to acquire and demolish blighted residential
properties. In some cases, the cleared lot will be offered
as is at market value for a residential building site. In
other cases, the site may be replatted with adjacent
properties to create larger, more attractive, legally
conforming lots before offering them for sale.
The EDA also participated in the Minnesota Housing Finance
Agency's Minnesota City Participation Program. Through this
program, Crystal had access to mortgage funds for qualifying
first-time home buyers. At the end of 1992, 13 loans
totalling approximately $957,000 were made in Crystal.
Specifically, the EDA's 1992 actions towards improving the
housing stock include:
Selling the lot at 5109 - 50th Avenue North to a
residential developer; the EDA required a minimum
market value for new home
Acquiring the property and demolishing the
blighted home at 3557 June Avenue North
Participating in a first time home buyers' program
through the Minnesota Housing Finance Agency
Replatting and arranging the sale of portions of
4307 Xenia Avenue North
- Replatting lot at 5720 - 43rd Avenue North
Agreeing to purchase the single family home at
5640 Quail Avenue North; home will be demolished
and lot will be resold to be redeveloped with
single family home
The Authority's economic development activities were focused
on continuing redevelopment in the core commercial area
(Bass Lake Road/West Broadway) and seeking redevelopment
opportunities elsewhere in Crystal. In the core commercial
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area, the EDA entered into or extended agreements regarding
the upgrading or redevelopment of specific parcels.
The EDA's pursuit of continuing redevelopment of the core
commercial area included:
Approving the use of tax increment proceeds for
storm sewer improvements in Becker Park area
Approving a development agreement for streetscape
improvements at Crystal Shopping Center
Extending the negotiation agreement with Paster
Enterprises for redevelopment of the northeast
corner of Bass Lake Road and West Broadway
Approving the refinancing of bonds for new
purchasers of Calibre Chase Apartments
The EDA worked to create redevelopment opportunities in the
City by expanding Development District #1, authorizing a
planning and land re -use study in the Wilshire
Boulevard/County Road 81 area and pursuing an economic
development plan through the strategic planning process
offered through the Star City Program. The EDA also
continued to work with Super,Valu on the redevelopment of
the southeast corner of 36th Avenue and Highway 100.
In seeking redevelopment opportunities elsewhere in Crystal,
the EDA:
Expanded Development District #1 to expand the
area in which tax increment proceeds may be used;
- Authorized a planning study of the Wilshire
Boulevard/County Road 81 area
- Approved the EDA Advisory Commission's pursuit of
Star City designation for Crystal
- Approved the use of tax increment proceeds for
site preparation costs at County Road 81 and
Wilshire Boulevard
- Approved the use of tax increment proceeds for
storm sewer improvements along County Road 81
- Continued to work with Super Valu on redevelopment
plans for the 36th Avenue/Highway 100 area
Many of these activities will continue through 1993. The
EDA anticipates other activities as well to continue to
improve the economic viability of Crystal.