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Welsch, Dennis From: Sent: To: Cc: Subject: Welsch, Dennis Friday, November 23, 2001 9:20 AM Beets, Neal; Burrell, Ed Munson, Don; Bennett, Cathy 1661 Stanbridge Abatement Neal and Ed: Ms. Olson was in late Friday afternoon with Dean's neighbor Dollie Buetner. She decided to go ahead with the work (no choice anyway). Don and Parkos, the contractor, will be on site Nov 26th. She has agreed to allow the contractor and Don to enter the house and inspect the attic for further moisture damage. Ms. Olson has chosen the siding, roofing and soffit colors (beiges and browns) and has asked Don and contractor to review the cost of repairing or replacing the garage doors which evidently will not last much longer. We explained that market value of the house was less than the $160,000 the County has on the books and that adding these improvements should add value, but may not get all this value back if she sells the house. However, the existing mortgage is in the last five years, she will have substantial equity in the house and lot. We explained that the term of the assessment would be no more than 10 years at approximately 8% and that she could get a much better deal by refinancing this work and her mortgage at 6 to 6.5% at a local bank (provided the husband will agree, since he is half owner and pays have the bills). We also explained that the work will be completed this year or early spring if the weather gets really bad for painting, and that the costs would be placed on her property, certified by the city in the fall of 2002, payable starting in the spring of 2003 with interest accruing, beginning 30 days after certification. The assessments for the road and sewer, the new assessments for the abatement and the existing taxes will make the MONTHLY payment, without existing mortgage payments, at approximately $700 per month. Mrs. Buetner tried to explain how expensive this could be, and that perhaps she should sell the house and move to something smaller, easier to maintain. Both ladies agreed that the house is a "bear" to heat in the winter and asked if some help could be given to re-insulate. Don will inspect the insulation layer on the 26th. I will ask Cathy if there are other sources of financing that might help here, perhaps as a weatherization grant. Dennis Welsch City of Roseville 2660 Civic Center Drive Roseville, Mn. 55113 Phone: 651-490-2232; Fax 651-490-2931 See Roseville's Internet Home Page at: www.cLroseville.mn.us 1