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<br />City Council Regular Meeting - 12/18/06 <br />Minutes - Page 10 <br /> <br />Ms. Bennett responded that staff was still reviewing the <br />association's financial situation and plans; and that the risk to the <br />City would be if someone didn't pay their taxes, as the <br />improvements would be assessed if public monies were used; and <br />that the risk would be smaller to the City than a simple loan; with <br />nonpayment handled as per delinquent city taxes or foreclosure <br />processes are handled. <br /> <br />Mayor Klausing requested a specific time frame for the analysis, <br />and whether six months was needed for the analysis, with Ms. <br />Bennett responding that a minimum of two months, and <br />preferably three months would be possible. <br /> <br />Councilmember Pust noted Ms. Bennett's comment that the City <br />of Coon Rapids had used this process several times; and requested <br />additional information from Ms. Bennett as to the process used in <br />Coon Rapids; as well as a report on other communities that had <br />considered an HIA and chosen not to do so. Ms. Bennett advised <br />that she would attempt to obtain that information during the <br />analysis. <br /> <br />Councilmember Maschka requested information as to whether a <br />public/private partnership, using the City's taxing authority as a <br />conduit, was an option. <br /> <br />City Attorney advised that he would need to research that option <br />to see if it was allowed under Statute. <br /> <br />Mayor Klausing opened the Public Hearing at 6:53 p.m. <br /> <br />Association President, Sue Shea <br />Ms. Shea read a brief written statement encouraging the City to <br />consider this option for multi-family housing stock; noting that <br />current residents had "inherited the maintenance problem," as <br />well as having no association funds in reserve. Ms. Shea opined <br />that short-term loans would cause a hardship for a majority of <br />their owners; and if the property continued to deteriorate it would <br />create more costly repercussions for the City and association in <br />the future. Ms. Shea assured Councilmembers that the <br />Association Board was implementing financial plans to ensure <br />that this didn't happen in the future; and noted that the City can <br />