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City Council Study Session - 11/20/06 Minutes - Page 5 well-spent. Mayor Klausing noted that such a process would guarantee that common areas were being maintained, but questioned how the City was guaranteed that interior and private areas of the facility were also being maintained. Ms. Bennett noted that the financial plan could address that concern. Mayor Klausing opined that upkeep for multi-family units was good for the City and neighborhood's economic health; but questioned how to prioritize this complex versus other multi- family units and the need to inventory and assess those complexes as well; and questioned whether a larger bond issue was warranted to provide a pool for this type of improvement. Mr. Miller advised that the City should have $3 Million worth of uses and be prepared to do all improvements by determining multi-housing priorities prior to the bond issue. Mayor Klausing questioned whether the City needed to systematically review and inventory multi-unit housing in the City to determine if a broader problem was evident. Further discussion included market rate for resale of units; assessment obligation pay-off for the City; stipulations of title companies and existing by-law language; potential use of non- obligated funds from other tax increment districts in the City and need to analyze and evaluate other funding opportunities; need to keep up economic health of neighborhoods; proceeds to ensure bond payments; and the difference in reserve funds used for park improvements that would impact quality oflife and use issues for the community as a one-time expenditure versus reserves being paid back while improving housing stock and providing a type of revolving loan fund. Ms. Bennett advised that she had requested Council consideration of this proposal prior to consideration and recommendation by the HRA due to the amount of funding and sources to determine Council interest. Ms. Bennett advised that