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Attachment B <br />47 i. Conduct a Townhome & Condominium Association Survey to <br />48 determine if there is larger community wide need for HIA Funding. <br />49 The results of the survey could indicate the advantage of bonding for <br />50 <br />the Program. <br />51 ii. Work with the local banking community to evaluate and understand <br />52 their openness to providing more favorable association financing using <br />53 other national models. Also evaluate if the private lending risk could <br />54 <br />55 <br />56 <br />57 <br />58 <br />59 <br />60 <br />61 <br />62 <br />63 <br />be reduced with some type of government guarantee. <br />iii. Review the associations' current finances to determine if they have <br />insufficient resources to pay for the improvements. <br />iv. Review the association's financial plan that must be prepared by an <br />independent third party. <br />v. Work with the association to prepare a scope of work based upon the <br />building inspector's report and collect at least 2 private bids. <br />vi. Determine the level of added fees and interest rate on possible <br />financing of the project. <br />vii. Survey other suburban communities to understand how many have <br />64 evaluated the use of the Housing Improvement Areas and decided not <br />65 to pursue and for what reason or if they have used the Housing <br />66 Improvement Area tool and what their experience is with this tool. <br />67 <br />68 c. No public action was taken but Council authorized an analysis by staff, with <br />69 up to six months (up to June 1 l, 2007) delay in setting an ordinance. Staff <br />70 noted that the delay would allow time to review the financial situations of the <br />71 association; the association's future financial plan; to research other financial <br />72 options (i.e., private bank financing or bonding); to determine the cost for <br />73 work needed (scope of work and two bids); and to survey City townhome <br />74 and condo associations to determine broader community needs within the <br />75 City of Roseville for an HIA improvement tool. <br />76 <br />77 <br />78 <br />79 <br />80 <br />2.3 June 11, 2007 Council Meeting <br />a. Deadline for Council to consider adoption of an ordinance establishing the <br />HIA per Mn Statute 428A.13, subd.2 k- "The hearing may be adjourned <br />81 from time to time. The ordinance establishing the area may be adopted at <br />82 any time within six month after the date of the conclusion of the hearin� by <br />83 a vote of the majority of the governing body of the city. " <br />., <br />. <br />. <br />b. The summary of the Housing Improvement Area Survey was presented to the <br />86 Council. The results of the survey conveyed that condominium and town <br />87 home associations in Roseville have generally prepared themselves <br />88 financially for future common area improvements. However, there may be <br />89 associations that are less prepared for capital expenditure required for <br />90 common area improvements and they potentially could petition the city or <br />91 the HRA for the use of establishing a Housing Improvement Area (HIA). <br />92 <br />93 <br />c. Staff was not able to provide more information that the Council needed in <br />Council Meeting (09-22-08) - Page 2 of 5 <br />