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REDA Meeting <br /> Minutes—Monday,November 4,2019 <br /> Page 4 <br /> Etten moved, Groff seconded, adoption of redline modifications to the <br /> Roseville Revolving Loan Program (Attachment A) including the changed <br /> language discussed regarding the sweat equity specifically allowing for the <br /> rental of tools and equipment. <br /> EDA Discussion <br /> President Roe asked if the EDA wanted to clarify the bid language as well to <br /> suggest multiple bids but not require any more than one. <br /> Member Etten indicated he would be fine with that amendment. <br /> Member Etten thought most of the changes are sensible and he appreciated the <br /> efforts of CEE and Staff to update them. <br /> Member Groff stated the program was good and he would like to see it used a <br /> little more than it has been. He thought the changes might help and he agreed <br /> with Ms. Kelsey's comment about getting the second bid right now. He was <br /> thankful that the CEE reviews the bids. <br /> Member Willmus asked if there would be any support to roll the loan to value <br /> ration back to not to exceed one hundred percent versus the one hundred ten <br /> percent. <br /> Member Etten explained the reason he did not put that into the motion is often <br /> people who are adding on might be new homeowners and would be the one <br /> most likely to have a loan to value ratio issue. He left it out on purpose for that <br /> reason. <br /> Member Groff indicated he would not support that as well due to the way the <br /> value is established. <br /> Member Willmus explained the reason why he asked for that to be considered <br /> is because of the lag that is seen with the County valuation. He noted there is a <br /> lag as housing values increase and decrease and that is perhaps where there <br /> would be more demand for this program, when there are declining home <br /> values. <br /> President Roe thought as the city continues to evaluate the program the city <br /> can reconsider that at an appropriate time. The EDA wants to make sure it is <br /> not made more difficult for people who are new buyers to do projects and <br /> improve properties that may have been in need of it for some time. <br /> Ayes: 5 <br /> Nays: 0 <br />