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2006-06-20_Minutes
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2006-06-20_Minutes
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Commission/Authority Name
Housing Redevelopment Authority
Commission/Committee - Document Type
Minutes
Commission/Committee - Meeting Date
6/20/2006
Commission/Committee - Meeting Type
Regular
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City of Roseville - HRA Minutes for June 20, 2006Page 3 of 5 <br />Ayes: 4 <br />Nays: 0 <br />Motion carried. <br />Consideration of Senior Housing Regeneration Program Purchase for 279 Elmer Street in <br />b. <br />Roseville (HF0049) <br />Executive Director Bennett brought forward an additional request for gap funding for the purchase, <br />renovation and resale of 279 Elmer in Roseville. <br />Ms. Olson provided a summary of the project with a second mortgage of $60,000 and a permanent <br />loss of between $5,875-$9,725 depending upon the Realtor costs. <br />Member Kelsey noted that this could be a very small loss and would like to see the actual reports for <br />all of these projects once they are complete. <br />Ms. Olson noted that some of the projects come in much less if they are able to use other public <br />sources of renovation funding but they need to project the costs not those programs just in case. <br />Member Kelsey felt that they should not have to review projects that can be done only with second <br />mortgage. But only review ones that have a permanent loss over a certain threshold. <br />Member Elkins wondered what the threshold should be. <br />Chair Majerus asked GMHC what the average permanent loss is on projects in other communities? <br />($10,000 - $15,000). <br />Member Elkins feels that $15,000 as an average would be a good number. <br />Member Kelsey wants to make sure that the project summaries are provided in the quarterly reports. <br />Chair Majerus talked about the mission of the program and the overall goal of putting people and <br />families in homes that they may not otherwise be able to afford. This is achieved with the program. <br />Member Elkins asked who prepares the summary of the renovation costs? (GMHC construction <br />manager staff goes through the home and puts together a scope of work.) <br />Member Kelsey asked if the sale price is based upon an appraisal after the fact? (yes) <br />Motion: Member Kelsey moved, seconded by Member Elkins, to approve the gap funds not to <br />exceed $70,000 for the purchase, renovation and resale of 279 West Elmer Drive in Roseville <br />under the Roseville Senior Housing Regeneration Program <br />Ayes: 4 <br />Nays: 0 <br />Motion carried: 4-0 <br />Motion: Member Kelsey moved, seconded by Member Elkins, to provide administrative <br />approval for any Senior Housing Regeneration Program (SHRP) property purchase with a <br />permanent loss below $15,000 and projects above $15,000 to come back to the HRA for <br />approval. The Executive Director shall provide quarterly reports on all SHRP properties. <br />Ayes: 4 <br />Nays: 0 <br />Motion carried: 4-0 <br />Member Kelsey thanked the homeowner who made the effort to go through this program and that it <br />will help to provide a first time buyer with a home in Roseville. <br />Member Kelsey requested that addition media be provided for the project with the seller and buyer. <br />http://archive.ci.roseville.mn.us/council/hra/minutes/2006/hram062006.htm3/10/2008 <br /> <br />
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