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terms since the there are much more older condo and townhome complexes in need of funds than <br />previously. He noted that a bank from out to the state provided funding to a project he worked on <br />and he would be willing to assist in educating local banks regarding how the terms were <br />structured for that project. <br />Member Pust summarized the City Council’s discussion regarding the policy issues associated <br />with providing a $1 million plus loan to this project rather than invest those funds to other <br />projects in the City. <br />Chair Majerus wondered if the association exhausted their funding options and if this request is a <br />last resort. <br />Member Kelsey felt that making a recommendation on this project is putting the cart before the <br />horse and that she does not have enough information regarding the association budget and <br />funding sources to make a decision on this project. She wondered if they have put together a <br />realistic budget for improvements and if they have evaluated cost cutting measures. She also <br />wondered if it is just too expensive of a project for the owners. <br />Member Pust wondered how this is different from providing funds to single family home <br />renovation. And that if they can not afford to make the improvements, they may have to sell. <br />She wondered if providing funds to this type of project is good public policy and if this is the <br />highest priority. She also noted that if the market financing is stepping up to the plate that maybe <br />that will become a better option for the association. <br />Chair Majerus asked that if the need has been proven is this good public housing policy to <br />provide this type of financing mechanism. <br />Member Maschka noted that using the HIA method may be a great opportunity for Roseville to <br />explore in helping to improve multi family complexes. If it is proven to be a good method, the <br />HRA and/or city should find a way to fund it effectively. <br />Chair Majerus noted that Westwood Village is the pilgrim case in using this method but that once <br />it is determined that the process works; others may request the same type of funding. But it is <br />difficult without having that knowledge. <br />Member Kelsey wondered how this is different from single family needs. She also wondered if <br />providing a separate funding for multifamily renovation is within the scope of the current <br />policies. (Yes, as noted in staff report from housing plan). <br />Member Maschka noted that the HIA is providing a method of financing rather than granting <br />funds. The funds do get paid back with interest and cover the costs of administering the program. <br />However, he would prefer to evaluate other public/private partnerships to fund the project. He <br />would also like to evaluate providing a government guarantee similar to a small business loan. <br />Member Kelsey questioned the amount of funding needed for the improvements? Is this a <br />reasonable amount for siding? Bennett noted that the project includes siding and roofing. <br />Member Maschka noted that the amount discussed seems reasonable for what they are looking at <br />doing. He noted that the concept is good policy. Providing assistance to ensure that multi family <br />properties do not deteriorate and have a broader neighborhood impact is important and within the <br />3 <br /> <br />