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Annual evaluation of the program can determine its effectiveness and <br /> changes can be made to its structure (interest rate, term and abatement) <br /> based upon the economic climate. <br /> 5.0 Staff Recommendation <br /> Staff recommends approval of the proposed city deferred loan and partial tax <br /> abatement with a trial period of one year. Without an additional incentive, the <br /> continuation of the Rambler Redesign Program may need to be reconsidered. <br /> Funding for the proposed city deferred loans would come from the Housing Fund with <br /> an initial budget of$109,000 for 1 998-99. This amount of funds would result in at least <br /> five loans so that existing interested homeowners from 1997 and 1998 may more <br /> forward with construction. The loan amount would be reduced by the amount already <br /> contributed from the city for design fees. <br /> 6.0 Suggested CouncH Action <br /> 6.1 motion, approve an amendment to the Rambler Redesign Program under the <br /> y <br /> Roseville Housing Improvement Program to include low to no interest deferre d loans <br /> and partial tax abatement for those homeowners that meet the criteria under the <br /> Fumbler Redesign Program. The amendment would be for one year at which time a <br /> revaluation of the market conditions and effectiveness will be done. The funding will <br /> continued to come from the Housing Fund with an initial budget of$100,000 for '1998- <br /> 99. <br /> 6.2 Consider directing staff`to discuss partnership with the School District in the <br /> implementation of the program. <br /> Attachment: summary Table of Proposed Loam and Tax Abatement <br /> Prepared by: Cathy Bennett, 490-224+1 <br /> WHousing\Rambler RedaaignlRamblar Amendment Approval 7-98.doo <br /> FICA--Rambler Redesign 07/27/98- Page 4 of 4 <br />