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2016-01-06_EDA_Agenda_Packet
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2016-01-06_EDA_Agenda_Packet
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1/5/2016 2:17:01 PM
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Commission/Committee
Commission/Authority Name
Economic Development Authority
Commission/Committee - Document Type
Agenda/Packet
Commission/Committee - Meeting Date
1/4/2016
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Item 10c Attachment A <br />1.Direct the Community Reinvestment Fund (“CRF”) to collect such <br />payments pursuant to a contract dated July 2, 2000,between Consultant <br />and CRF (the “CRF Contract”). <br />2.Direct CRF to take such action pursuant to the CRF Contract if there is an <br />uncured default by a borrower under a loan pursuant to an Installment <br />Loan Program. <br />3.Receive all payments made by borrowers to CRF. <br />4.Disburse all payments received by Consultant as directed, in writing, by <br />the REDA; thismay include disbursing the funds pursuant to one of the <br />loan programs described in this Agreement. <br />c.Assist Cityhomeowners who are considering remodeling their homes by meeting <br />with them to discuss the scope of their project and possible alternatives, then help <br />them evaluate bids and determine when the project is fully complete; <br />d.Provide HRC housing information to City residents, including information on <br />emergency assistance, housing rehabilitation, first-time homebuyers,and limited <br />rental information; <br />e.Assist the REDA in developing programs to purchase and rehabilitate homes. <br />f.Coordinate these services out of Consultant’s Housing Resource Center, 1170 Lepak <br />Court, Shoreview, MN 55126. <br />g.Have Consultant’s staff visit residences as determined necessary by Consultant. <br />Term. <br />2. This Agreement shall be in full force and effect from January 1, 2016, and <br />shall continue through December 31, 2016, unless otherwise terminated as set forth below. <br />Compensation <br />3.. <br />Construction Management Services to assist City residentsandother non- <br />loan servicesprovided under this Agreement: The REDA shall pay to the <br />Consultant Twelve Thousand Dollars ($12,000.00)within thirty (30) days <br />after execution of this Agreement. <br />Loan Administration of the Roseville Home Improvement Loan Program: <br />The borrower shall pay the Consultant’sfees. A nonrefundable <br />applicationfee of $75.00 will be charged at the timeof application. <br />Afee of $350 will be included in the loan amount to cover <br />the cost of origination, closing, and escrowing funds. <br /> <br />
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