Edgerton Economic Development Authority

Edgerton Economic Development Authority

Residential Demolition Program

The purpose of the Edgerton Economic Development Authority’s Residential Demolition Program is to provide financial assistance to owners, developers, and/or contractors to demolish substandard housing structures.

Demolition of substandard structures must be initiated within 6 months of application and completed within 30 days of start of demolition. New construction must begin within 1 year of application and must be completed within 1 year of the start date. The Edgerton EDA reserves the right to grant extensions of time under extenuating circumstances.

The Edgerton EDA agrees to provide financial assistance up to $5000 per property to the owner, developer, and/or contractor for approved projects. The property must have a minimum of $50,000 per lot value of improvements and must increase the property value from its current value. Financial assistance will be advanced by the Edgerton EDA after completion of the demolition and new construction has begun.*

Requirements:

The following must be submitted with the application.

1.  Copy of the property’s most current estimated market value, including a breakdown of “land value” and “structure value.”

2.  Proof of ownership.

3.  Plan For the property once demolition is completed.

4.  Itemized estimate of demolition costs.

5.  Itemized estimate of disposal costs.

6.  Estimated value of lot once project is completed.

This program will be available for an undisclosed amount of time and will be reviewed periodically. The EDA reserves the right to discontinue the program at any time without warning.

*”New construction has begun” – is defined as permanent foundation has been constructed.

EDGERTON ECONOMIC DEVELOPMENT AUTHORITY Residential Demolition Program Application

Owner/Developer/Contractor’s Name: ______

Mailing Address: ______

Phone: ______

Address of Property to be demolished: ______

1. Property’s estimated market value is attached? □ Yes □ No

2. Proof of acquisition cost or proof of ownership is attached? □ Yes □ No

3. Estimated demolition and disposal cost attached? □ Yes □ No

4. Description of property and reason property is being demolished:

______

______

______

5. Demolition will be completed by: _____ /_____ /______

6. New home will be completed by: _____ /_____ /______

7. Estimated market value of property once project is complete: $ ______

8. Who is completing the work: demolition ______

construction ______

The Edgerton EDA reserves the right to request additional information from the Owner/Developer/Contractor as it deems necessary.

Owner/Developer/Contractor agrees:

·  That the information provided in this application is accurate.

·  To demolish the substandard structure site within six month following application date.

·  That there are no delinquent property taxes, special assessments, penalties, interest or municipal utility fees on the parcel to which this application relates.

·  To obtain all necessary demolition and building permits and to observe all applicable Building Code

provisions during the demolition and/or construction process.

It is further agreed that the Owner/Developer/Contractor will defend and hold the Edgerton EDA harmless from all claims, acts, or events resulting directly or indirectly on account of this agreement.

______/____ /____

Signature of Owner/Developer/Contractor Date

FOR EDA USE □ Project Approved □ Project Disapproved

Approved Financial Assistance Amount $______Date grant proceeds issued: ______

Reference Minutes of EDA Board Meeting _____ /______/______Check payable to: ______