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continuing to search for a private lender that would be willing to make a loan to the association. <br />Member Maschka opined that the private financing was not an adequate solution given the <br />collateral issue. <br /> <br />Member Pust noted that the City Council would n eed to be certain that private financing was not <br />an option before backing a loan (even a low-risk loan such as this). Ms. Bennett indicated that <br />the private market terms are very unfavorable and thus preclude homeowners in the association <br />from undertaking the improvements. Member Ma schka wondered if the City Council would be <br />taking on much risk by using its taxing authority to create collateral in this instance. He also <br />wondered if HIA funds might be used for apartment rehabilitation as well. <br /> <br />Ms. Bennett noted that special service districts ha ve been created in the past to perform public <br />types of improvements on private property whic h are repaid over time through taxation. She <br />pointed out the strip mall at Lexington Ave. and Larpenteur Ave. as an example of this type of <br />funding. Member Maschka noted that the homeowner’s obligation for the assessment would be <br />paid once the unit is sold, further reducing the city’s risk. <br /> <br /> <br />c. Update on HRA Staffing <br /> <br />Interim Community Development Director Michael Darrow provided an update on the status of <br />HRA staffing noting that he has discussed options with the City Manager to determine a course of <br />action. Chair Majerus expressed his desire to make a permanent hire as soon as possible. <br /> <br /> <br />d. Board & Staff Reports <br /> <br />Ms. Bennett provided a copy of Resolution No. 10541 passed by the City Council at their August <br />13, 2007 meeting which clarifies the HRA board appointment process, in keeping with the <br />limitations of statutes which govern HRA procedur es. Member Pust added that the City Council <br />undertook this endeavor to create an appointment process which would provide greater <br />consistency among all of the city’s commissions. <br /> <br />Ms. Bennett also pointed out the annual re port from the Greater Metropolitan Housing <br />Corporation (GMHC) that she provided to th e board. GMHC manages the HousingResource <br />Center which administers many of the housing programs offered by the HRA. <br /> <br /> <br />Adjournment <br />The meeting was adjourned at 8:32 p.m. <br /> <br /> <br /> <br />Next Regular Meeting: September 18 2007, City Council Chambers at 7:00 p.m. <br />