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<br />City Council Study Session - 11/20/06 <br />Minutes - Page 4 <br /> <br />environmental deterioration of the existing cedar siding; funding <br />options for associations and lack of collateral for a bank loan; <br />senior population of the facility on fixed incomes (over 50%); <br />other multi-family units that may be interested in similar <br />funding; and types of housing needs in the community. <br /> <br />Interim City Manager and Finance Director Chris Miller briefly <br />addressed possible internal financing by the City, or bonding <br />options, and disadvantages to the City for a small bond issue <br />such as this project would require. <br /> <br />Councilmember Maschka expressed concern if the Council <br />considered this project, what options were available if another <br />project came forward with a similar request. Councilmember <br />Maschka noted that individual residential properties can obtain <br />private sector funding, but large multi-family units had difficulty <br />obtaining such funding, thus the creation of the HIA to access <br />credit. <br /> <br />Councilmember Pust opined that her concerns were with how the <br />Council considered this proposal versus those not yet heard, and <br />needs for upgrading other housing stock in the community, and <br />how to consider other problem units fairly. <br /> <br />Councilmember Ihlan expressed concern for the City's other <br />public needs in considering use of its cash reserve for a loan of <br />this size; the need to review the public priority policy; and equity <br />concerns with other housing units wanting public subsidies. <br /> <br />Councilmember Kough questioned the condition of other parts of <br />the complex (Le., windows) and opined that he could see the <br />problem and the need. <br /> <br />Ms. Bennett noted that the proposed project is funding for siding <br />and roofing, but that as part of the process and a requirement of <br />the statute, was for the association to have a financial plan put in <br />place, approved by whoever implements the loan (the HRA or <br />City) to make sure adequate funding is available for future <br />improvements, perhaps through an increase in monthly <br />association dues; noting that this was an added benefit of going <br />through the process to ensure that the City's investment was <br />