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City of Roseville - HRA Minutes for August 15, 2006Page 4 of 5 increment generated from the project be applied to payback the HRA for their funding. However, if all the increment is needed for the new units proposed for the site, there is no guaranteeing that the requested funding will be reimbursed. Mr. Casserly and CCHT continue to review financing options including unit valuation and mix for the project. Member Maschka requested clarification on the grant funds requested from the HRA. ($350,000 up front for the renovation and $250,000 for the construction of new units in 2008). Member Kelsey requested the need to review a sources and uses so that the HRA can see what amount of renovation CCHT is proposing to put into the buildings and what sources of funding they are using. She would like to see the capital costs outlined. She noted that the HRA can not effectively do their evaluation without a sources and uses. Member Maschka requested additional information regarding unit valuation which is a different evaluation when comparing rental and for sale units. Member Kelsey also requested to have the renovation of existing buildings split out from the construction of the new units. Member Kelsey asked what is needed from the HRA in 2007? ($350,000). Member Bean noted that if there is only $250,000 in available HRA funds to apply to the project where would the additional funding come from? Bennett noted that the HRA could request additional levy funds to cover that gap. Mr. Casserly noted that it would be in the HRA’s best interest to design the financing so that the HRA could recapture some of the up front financing. Ms. Ciganik with CCHT provided a summary of the affordability. The project will include a mix of affordable units meeting incomes between 30% - 80% of median incomes. She will provide a more specific breakdown at the next meeting. Update on City of Roseville Visioning Process b. Chair Majerus provided a brief update regarding the subcommittee work as part of the Vision 2025 process. He noted that all the subcommittees have been meeting and will bring back issues and recommendations to the Steering Committee later in the process. Member Scheunemann noted that he submitted an application for two different groups and was not contacted. Chair Majerus will follow-up on the status. Member Kelsey mentioned that the recommendations coming from the subcommittee will definitely have a budget impact for the City and the HRA. She wondered how the current budget process should take that into consideration. The HRA then returned to action item 8.b. regarding the HRA budget and levy request. Board & Staff Reports c. None 10.Adjournment The meeting was adjourned at 8:28 PM Return to Housing & Redevelopment Authority http://archive.ci.roseville.mn.us/council/hra/minutes/2006/hram081506.htm3/10/2008