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Attachment B independent third party. o 2 v. Work with the association to prepare a scope of work based upon the :3 building inspector's report and collect at least 2 private bids. 4, vi. Determine the level of added fees and interest rate on possible financing of 5 the project. 6 vii. Survey other suburban coininunities to understand how many have 7 evaluated the use of Housing Improvement Areas and decided not to 8, pursue and for what reason or if they have used the Housing Improvement 9 Area tool and what their experience is with this tool. 1.4 June 11,,2007 Council Meeting a. Deadlm*e for Council to consider adoption of an ordinance establishing the HIA Per NIn Statute 428A. 13, su'bd,,.2 - " The beart'ng maybe adjourned from time t time., The ordinance establisbing the area maybe adopted at anytime 0 six montbs after the date oftbe conclusion olf the be byavoteofthe majority of the governing body of the city., b. The attached report provides a summary of work that has been completed on the tasks outlined in 1.3. (b) above. 2.0 Suggested Council Action 2.1 Based upon the status report, staff is unable to provide much of the critical information that the Council will need to make a sound decision regarding establishment of a Housing Improvement Area for Westwood Village 1. Therefore, staff is seeking a recommendation from the City Attorney regarding the following options: 29 1. If permissible, extend the 6month deadline for another 6' months to complete the '310 follow*1 items: ng 31 1. Westwood Village I to submit a financial plan prepared by a City 32, recommended third party. 4 + 33 114. Review the Westwood Village I finances to determine if they have 341 insufficient resources to pay for the improvements. 5.. ill Review at least 2 bids for completion of the improvement. 36 iv. Review other possible sources of financing and reevaluate need to on 37 for HIA funding in Roseville. 3 0, v. Determine Westwood Village F's ability to pay assessment (total fee) 8' 3119 based upon cost for improvements, interest rate, administrative fee and 40 term of repayment. 41 42 2. If not permissible, deny establishment of the Housing Improvement Area and 43 request that W'e�stwood Village I if still interested resubmit a petition to begin the 44 process again. 45 46 Prepared by: Consultant Cathy Bennett (651-257-4613), John Stark, CD Director (651-792-7071) ,147' Attachments: Status Report, Survey of Communities., Survey of Roseville Associations 49 NIA ordinance - WWVI (06-11-07) -Page 2 of 2