2009_0126_Packet - Laserfiche WebLink

Home

Attachment B Regular City Cou�cil 1Vleeting Monday, September 22, 2008 P`age 12 �ee, above the assessment, be applied in case assessment payments come in lawer than anticipate. CounciImember Ihlan questioned the term of the loan. Mr. Miller recammended a 15 year term, rather than 2a years, which was cansis- tent wiih ather City bond issues and assessment terms for other impror�ement pro- jects. Councilmember Ihlan expressed concern with the fairness o� allocation costs wi�hin the community association; and also expressed concern about the larger community af Roseville and whether other multi-unit buildings would seek the same thing; and wheiher the City could support issuing another bond for 15 years. Iv�r. IV�i11er advised that there were some limits; however naied that the �ity was well below its deht capacity; and didn't know if other homeowner assaciations were in the same position or what that magnitude could be. Ms. Kelsey responded that staff had performed a survey af other multi-unit huild- ings in the City, �vith no positive responses that they would seek this type of fund- ing. Ms. Kelsey noted th� conc�aminium buildings, as previously referenced by Ms. Como, hawever, she noted that their situation was different and complex, given the owner-oceupied and rental mix of the building, based on a government reorganization done in the 1980's. Ms. Kelsey ad�visec� that it was her understand- ing that there were 76 of those units owned by one investor who obtained the property through a foreclosu�e; and noted tha� they had yet to identify �uhat if any assistance they needed until completion of iheir replaceinent reser�ve stiudy. Ms. Kelsey further advised that t17is condaminium unit was adjacent to Har Mar Apartmentis, and �vith the substantial improvements being performed there, they sought to be a good neighbor ancl improve their property accardin.gly. Coi�ncilmember Ihlan expressed fur�her eoncern that tke City was ser�vi�g as a bank for this project, and noted the City's Iimited resources, and no criteria in place to determine m�rits of various projects; but apparently decision-making on a first come, first serve basis. Councilmemb�r Ihlan opinec� that she was not only concerned regarding the Westwaod Village community, but for the C�ty's fairness to the entire community; and fairness for single-family homeowners r�vho m�y need assistance; but couldn't af�ord to borraw due to the current credit crunch. Ms. Shea responded to Councilmember Ihlan regarding what prevented ot�er as- socia�ions fr�m seeking financial �s�sistance�, nc�ting that �his HIA program, unless extended by the State, had a sunset date a� 2409, and that any process needed to have reached a certain point by that sunset date ar cauldn't seek applicatian, Ms. Shea, regarding if Westwood unit owners couldn't afford the assessments, advised thai the Association didn't want to lose any�ne; and ihat they were seeking finan-