On July 15, 1996, about 1200 central daylight time, a Bellanca 7ECA, N5026K, sustained substantial damage when it impacted vegetation during an attempted go around in Belle Plaine, Minnesota. The pilot reported minor injury and the sole passenger sustained serious injury. The personal, 14 CFR Part 91 flight departed the St. Paul Flemming Airport about 1130. Visual meteorological conditions prevailed and no flight plan was on file. In his written statement, the pilot reported that he was on downwind to runway 35, when he noticed a two to three story house "just off the end of the runway." He shortened his downwind leg which "caused a fairly high initial final approach.... This required a slip to the runway. Since excessive airspeed was built up, the aircraft continued to float." He decided to execute a go around and applied full power. The landing gear impacted tall grass at the departure end of the runway, then a ravine. The airplane sustained substantial damage.