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FAIRFRITITIM, F.111 <br />November 21.2 006 meeting with the following recommendation. <br />a. Member Maschka motioned, seconded by Member Kelsey, to support the <br />concept of using a Housing Improvement Area for We twood Village I if it can be proven <br />that no other private or public private partnership funding option can be provided in an <br />affordable manner. <br />6.0 Suggested Council Action., <br />6.1 Take public comment — ma led notice was sent to all of the owners of record within the <br />proposed boundary of the HIA for Westwood Village I. In addition, a public notice was <br />published in the paper. <br />6.2 Close the public hearing and direct staff to work on the following actions outlined below <br />for future consideration of an ordinance which must he considered within 6' months of the <br />hearing date —Tune 11,2006 <br />a. Conduct a Townhomie. & Condominium Association Survey to determine if there <br />is larger, community wide need for HIA funding. The results of the survey could <br />indicate the advantage of bonding for the Program. <br />b. Work with the local banking community to evaluate and understand their <br />openness to providing more favorable association fi nancI ng usI ng other nat* <br />onal <br />models. Also evaluate if the private lending risk could be reduced with some type <br />of government guarantee. <br />c. Review the association's current finances to determine if they have insufficient <br />resources to pay for the improvements and review the association's financial plan <br />that must be prepared by an independent third party, that provides for the <br />association to finance maintenance and operation of the common elements in the <br />condominium and a long-range plan to conduct and finance capital improvements. <br />d. Work with the association to prepare a scope of work based upon the building <br />inspector's report and collect at least 2 private bids. <br />e. Determine the level of added fees and interest rate on possible financing of the <br />project. <br />Prepared by: Cathy Bennett (792-7015) <br />Attachments.- City Council Memo, <br />HIA Public Heating (12- 18 -06) -Page 8 of 8 <br />