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CC_Minutes_2015_0223
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Roseville City Council
Document Type
Council Minutes
Meeting Date
2/23/2015
Meeting Type
Regular
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Regular City Council Meeting <br /> Monday, February 23, 2015 <br /> Page 22 <br /> the property was put back on the market or what type of project resulted, it was <br /> important that the neighborhood be kept aware of future discussions and subse- <br /> quent actions. Mr. Trudgeon recommended that the City Council act as he pro- <br /> posed, and move forward to make that decision. <br /> Carolyn Olson, President of Greater Metropolitan Housing Corporation <br /> (GMHC) <br /> At the invitation of Mayor Roe, Ms. Olson advised that the prices for Phase II and <br /> III were something GMHC felt it could achieve; and once the townhomes were <br /> under construction and pre-marketing was underway, they anticipated once five <br /> were sold, the bank would be willing to move onto the next phase. Ms. Olson <br /> opined that the appraisal comparables were good and they could build to meet that <br /> market. <br /> Ms. Olson advised that the entire development team was available tonight for any <br /> questions or to provide additional information at the City Council's request, in- <br /> cluding the RE/MAX realtors chosen to market the project in all of its phases. <br /> Ms. Olson advised that the team felt they had worked hard on this project to-date, <br /> and though the appraisal came back low, it was found that Western Bank was not <br /> willing to initially fund Phases I and II as originally planned, GMHC was confi- <br /> dent the project could and should continue, and that it would be successful. <br /> Ms. Olson noted that GMHC had developed this unique and interesting plan at the <br /> City of Roseville's request, and had already invested $200,000 in the project to- <br /> date. Contrary to information provided by staff, Ms. Olson stated that GMHC had <br /> requested extension of the Preliminary Development Agreement, and had contin- <br /> ued to work in good faith with staff, and was now ready to move forward and <br /> draft a Development Agreement. <br /> Ms. Olson advised that the prices for Phase II and III were something GMHC felt <br /> it could achieve; and once the townhomes were under construction and pre- <br /> marketing was underway, they anticipated once five were sold, the bank would be <br /> willing to move onto the next phase. Ms. Olson opined that the appraisal compa- <br /> rables were good and they could build to meet that market. <br /> Ms. Olson noted that the project had gone off course in June of 2014 when the <br /> City and U. S. Bank could not come to an agreement on their mortgage interest <br /> and GMHC was forced to find another lender, and at staffs suggestion had met <br /> with community lenders, ultimately finding Western Bank interested in financing <br /> the project. Ms. Olson questioned if another developer might experience the same <br /> appraisal issues due to current comparables with other communities given new <br /> banking requirements. However, Ms. Olson opined that GMHC had provided <br /> everything requested to-date; and had shared in the frustration when the appraisal <br /> documents took from November of 2014 to January of 2015 to accomplish. <br />
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