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7/17/2007 12:49:50 PM
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12/8/2004 3:56:29 PM
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<br />16. Partnerships <br /> <br />The Hamline Commons will provide partnerships between the City, Presbyterian <br />Homes, retail tenants, private educational/daycare providers, area churches, Metro <br />Transit and the existing neighborhoods and senior groups. The City will also work <br />with area banks and realtors to develop the "buy down and renovation" incentive <br />package to attract new families to the area. Public meetings will be held to discuss the <br />project with neighborhood residents as a requirement under the Planning Process. <br /> <br />17. Use(s) of Demonstration Account Funds <br /> <br />The Demonstration Account request of $600,000 would be used to fund the following <br />elements of the Hamline Commons Project. In addition, $250,000 is requested for the <br />transit related component of the project. Providing a link between each one of these <br />elements of the Hamline Commons is critical to the success of the overall project. <br /> <br />Redevelopment Acquisition Assistance: The requested funds of $400,000 will help <br />fund the redevelopment and acquisition assistance to acquire the shopping center and <br />leases and relocation costs, estimated at $1.8 million. <br /> <br />Affordable Housing "Buy Down" and Improvement Incentive Package: The <br />requested $200,000 (estimate 10 homes) would be used to buy down the sales price of <br />ten single family homes to an affordable level based upon LCD benchmarks. The <br />funds would provide long tenn deferred loans to families for purchase of senior <br />homes. Repayment of the loans would be required upon resale of the home, or <br />beginning in the 10th year of ownership, to be used for other affordable housing <br />programs in Roseville. The city would match the buy-down funds with repair and <br />improvement funds. The homes would be improved with existing city housing <br />programs prior to occupancy. <br /> <br />Mini Transit HublPathway linkages: The requested funds of $250,000 would be <br />used to construct the mini transit hub and provide improvements to make sure there is <br />an adequate pathway system to join the project and multifamily neighborhoods <br />surrounding the site. <br /> <br />Metro Council Support for Hollman Units: The City and Developer estimate that <br />to provide 10 Hollman Units as part of the project a minimum of $877,200 from <br />Metro CouncilJHUD funds would be required. <br /> <br />Page 9 <br />
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