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i. Conduct a Townhome & Condominium Association Survey to determine if there is larger community wide need for HIA Funding. The results of the survey could indicate the advantage of bonding for the Program. ii. Work with the local banking community to evaluate and understand their openness to providing more favorable association financing using other national models. Also evaluate if the private lending risk could be reduced with some type of government guarantee. iii. Review the associations' current finances to determine if they have insufficient resources to pay for the improvements. iv. Review the association's financial plan that must be prepared by an independent third party. V. Work with the association to prepare a scope of work based upon the building inspector's report and collect at least 2 private bids. vi. Determine the level of added fees and interest rate on possible financing of the project. vii. Survey other suburban communities to understand how many have evaluated the use of the Housing Improvement Areas and decided not to pursue and for what reason or if they have used the Housing Improvement Area tool and what their experience is with this tool. c. No public action was taken but Council authorized an analysis by staff, with up to six months (up to June 11, 2007) delay in setting an ordinance. Staff noted that the delay would allow time to review the financial situations of the association; the association's future financial plan; to research other financial options (i.e., private bank financing or bonding); to determine the cost for work needed (scope of work and two bids),* and to survey City townhome and condo associations to determine broader community needs within the City of Roseville for an HIA improvement tool. 2.3 June 11, 2007 Council Meeting a. Deadline for Council to consider adoption of an ordinance establishing the HIA per Mn Statute 428A.13, subd.2 k-1 "The hearing may be adjourned from time to time. The ordinance establishing the area ma Y be adopted at any time within six month after the date of the conclusion of the hearina by a vote of the majority of the governing body of the city. " b. The summary of the Housing Improvement Area Survey was presented to the Council. The results of the survey conveyed that condominium and town home associations in Roseville have generally prepared themselves financially for future common area improvements. However,, there maybe associations that are less prepared for capital expenditure required for common area improvements and they potentially could petition the city or the HRA for the use of establishing a Housing Improvement Area (HIA). c. Staff was not able to provide more information that the Council needed in Council Meeting (09-22-08) - Page 2 of 5