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Attachment B <br />Next Steps for Evaluation of <br />Housing Improvement Area/Financing for <br />Westwood Village I <br />Prepared by Cathy Bennett, December 21,2006 <br />Status —June 4,, 2007 <br />1. Conduct a Towndioine & Condominium Association Survey to determine if there <br />is larger community wide need for I-HA funding. The results of the survey could <br />indicate the advantage of bonding for the Program. <br />a. Cathy to coordinate and mail in early January 2007 with sample survey <br />provided by the City of Shoreview. Survey to be reviewed by association <br />and City of Roseville staff <br />1. Status — Completed,, summary attached <br />2. Work with the local banking community to evaluate and understand their <br />*d* association 1 1 1 <br />opennesstoprovi providing more favorable assoc*at*onfinanc*ngus*ng other national <br />models. Also evaluate if the private lending risk could be reduced with some type <br />of government guarantee. <br />a. Cathy to contact the following banks with 14RA member Bill Masche <br />assistance based upon association financing experience in other states. <br />1. Western Bank (Jinn Mulder mentioned that they have a program <br />that provides small bond issues for communities) <br />ii.. Bremer — Sue Elkins to coordinate <br />ill. North Amen* can Banking <br />1. Status: Sue Elkins contacted Bremer— they are wiIlM*,g <br />to review. Meeting has been scheduled for June at <br />2:00 and John Stark or Chris Miller will provide an <br />update at the Council Meeting. <br />b. Scott Anderson to review the ability for the City to guarantee payback <br />through assessment with bank financing — government guarantee. <br />L Status: Request has been sent to Scott to review, <br />3, Review the association's current finances to determine if they have insufficient <br />resources to vav for the 1mvrovements and review the association's financial plan <br />M 7 <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 />a. Sue Shea to arrange Roseville Finance Dept. or third party financial <br />company approved by Chris Miller to review the association finances. <br />L Status: Sue Shea or Westwood Village I called Chris Miller to <br />arrange a meeting <br />