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

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REDA Meeting Minutes—Monday,November 4,2019 Page 3 Ms. Yaritz explained that is entirely up to the EDA. Member Willmus asked in relation to the homeowner sweat equity labor portion of this. The wording seems confusing to him. The city does not allow for sweat equity. Ms. Yaritz explained it is allowed but not to reimburse. Member Groff asked how the property value is established on the loan to value ratio. He asked if an appraisal was done. Ms. Yaritz noted it was by property tax value. Member Etten asked if one hundred ten percent versus one hundred five percent or one hundred percent make it a more interesting loan or something that is more available for people. Ms. Yaritz explained the higher loan-to-value ratio does help people who do not have as much equity in the property. President Roe asked if the ratio takes into account any and all loans on the property. Ms. Yaritz indicated that was correct. President Roe made a suggestion on the guidelines related to the median home value to not put in the actual dollar amount but state "the value as established each year". Ms. Kelsey explained the CEE does not modify the language of the policy each year, the only thing that changes is the number on an annual basis which city staff sends to CEE in the guidelines for potential buyers. Member Laliberte appreciated the clarity on the question for that number. She wondered if it would be prudent for them on the bid paragraph to indicate two bids are encouraged but one is required so all of the pressure is not on CEE to push back. Ms. Yaritz stated that would be fine. Member Willmus asked if CEE actually receives the bids and reviews them. Ms. Yaritz indicated CEE did receive and review the bids. President Roe offered an opportunity for public comment with no one appearing to speak to this issue.