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~<.tr;cu,...... 1.<<w.. 1t~......... 3. The City would recover the entire principal amount of the loan if the homeowner sells before 10 years. 4. The improved home contributes to the City's housing goals and continues to generate increased taxes while strengthening the quality and livability of the neighborhood. 5. As homes are improved under the program, there will be an increase in housing choices for families. Providing up to date housing for families would, at a minimum, sustain and likely increase the school population, adding per pupil revenue to the schools. Staff has had preliminary discussions with the School District and they have an interest in participating in the program. 6. All other elements of the Rambler Redesign Program would need to be met to qualify for the loan and partial abatement. . Qualified or experienced architects\home designers must provide design advice and plans for the improvements. . Improvements must include increasing the functionality of the home such as enlarged and improved kitchen, additional or enlarged bathroom, master bedroom addition, main floor family room, second garage stall, exterior entry appeal. . The city must be permitted to publicize the improvement with a video and open house in addition to keeping a copy of the plans and drawings for publication as part of a remodeling book. . Annual evaluation of the program can determine its effectiveness and changes can be made to its structure (interest rate, term and abatement) ~ 9!~Oc~~cclimate. LVcM- eo ~ . 5.0 Staff Recommendation r U . 5.1 Staff recommends approval of the proposed City roan and partial tax abatement with a trial period of one year. Without an additional incentive, the continuation of the Rambler Redesign Program may need to be reconsidered. 5.2 Funding for the proposed City loans would come from the Housing Fund with an initial budget of $100,000 for 1998-99. This amount of funds would result in at least five loans so that existing interested homeowners from 1997 and 1998 may move forward with construction. The loan amount would be reduced by the amount already contributed from the City for design fees. 6.0 SUClaested Council Action 6.1 By motion, approve an amendment to the Rambler Redesign Program under the Roseville Housing Improvement Program to include low to no interest City loans and partial tax abatement for those homeowners that meet the criteria under the Rambler Redesign Program. The amendment would be for one year at which time a revaluation of the market conditions and effectiveness will be done. The funding will come from the ~h~rg:t~ I~. RCA - Rambler Redesign Amendment 09/14/98 - Page 3 of 4