2019-11-04 EDA Minutes (signed) - Laserfiche WebLink

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REDA Meeting Minutes—Monday,November 4,2019 Page 2 EDA Discussion Member Groff thought there needed to be further research done on this property to determine if it is viable and since there is some information there, no use in repeating it later on. He thought it made sense to do this as staff recommended. Member Etten noted the city was one step closer to having this property done so if this helps keep the project moving forward that is good. Member Willmus wondered if Shafer Richardson was out of the picture completely or where are things at with them. Ms. Kelsey explained currently at this point Shafer Richardson is taking a pause. President Roe thought it was beneficial to the city to actually possess the results of the investigations that have happened to date in order to have a good indication of what is there onsite that is known and the city will be able to use that information going forward as might be appropriate as different projects come forward. He noted it made sense to use some of the TBRA funds as well as some matching funds to do that reimbursement for those services that have already been provided. Ayes: 5 Nays: 0 Motion carried. b. Review Roseville Revolving Loan Program Guidelines Housing and Economic Development Program Manager Jeanne Kelsey provided a brief summary of this request as detailed in the staff report and attachments dated November 4, 2019. Ms. Brenda Yaritz, Center of for Energy and Environment (CEE),was at the meeting for questions. Member Willmus asked what percentage of the loans go out at a rate that is approaching the loan to value ratio of the existing one hundred fifteen. Ms. Yaritzs indicated the city did not have that many loans. The normal percentage is one hundred ten percent, which is generous. The housing that CEE is a lender for also does one hundred ten percent. Member Willmus wondered why this is done at one hundred ten percent and not dialed back a little bit more.