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<br />. Annual evaluation of the program can determine its effectiveness and <br />changes can be made to its structure (interest rate, term and abatement) <br />based upon the economic climate. <br /> <br />5.0 Staff Recommendation <br /> <br />5.1 Staff recommends approval of the proposed City deferred loan and partial tax <br />abatement with a trial period of one year. Without an additional incentive, the <br />continuation of the Rambler Redesign Program may need to be reconsidered. <br /> <br />5.2 Funding for the proposed City deferred loans would come from the Housing Fund with <br />an initial budget of $100,000 for 1998-99. This amount of funds would result in at least <br />five loans so that existing interested homeowners from 1997 and 1998 may move <br />forward with construction. The loan amount would be reduced by the amount already <br />contributed from the City for design fees. <br /> <br />6.0 Sugaested Council Action <br /> <br />6.1 By motion, approve an amendment to the Rambler Redesign Program under the <br />Roseville Housing Improvement Program to include low to no interest deferred loans <br />and partial tax abatement for those homeowners that meet the criteria under the <br />Rambler Redesign Program. The amendment would be for one year at which time a <br />revaluation of the marketconditions and effectiveness will be done. The funding will <br />continued to come from the Housing Fund with an initial budget of $100,000 for 1998- <br />99. <br /> <br />6.2 Consider directing staff to discuss partnership with the School District in the <br />implementation of the program. <br /> <br />Attachment: Summary Table of Proposed Loan and Tax Abatement <br />Prepared by: Cathy Bennett, 490-2241 <br /> <br />Q:\Housing\Rambler Redesign\Rambler Amendment Approval 7 -98.doc <br /> <br />RCA - Rambler Redesign 07/27/98 - Page 4 of 4 <br />