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HRA Meeting Minutes — Tuesday, January 20, 2009 Page 4 $125, which served to offset rental for the facility for the day. Ms. Kelsey noted that the brochures were completed, with maps prepared. Ms. Kelsey suggested that more non-profits be approached for nea� t year's fair to determine their interest in being involved. Ms. Kelsey advised that final updates would be provided at the neat meeting; and that staff was presenring to the City Council at their January 26, 2009 meering. Ms. Kelsey advised that City Manager Malinen was donaring his time for the day to assist. Ms. Kelsey noted that this was really a community effort; and noted the many volunteers who did so annually, and without them the event could not happen. Ms. Kelsey advised that they were;v��'`"�� 'ng a special recognition for a minimum of two (2) volunteers who had done so for ov •�`' 'rteen (13) ;,: years to-date at this event �,�,�;�-' a. Update on Housing Improvement Area (HIA) — Westwood Village I, Ms. Kelsey updated members on establishment of this HIA, origi�lly reque ee (3) years ago; and approved by the City Council in September of .�00�,?, Ms. Kelse -,� t�e work completed by the townhome association in updatin ��'� by-laws, provi cost analyses and allocarion of assessment costs, and estab�ng a financial plan f��"� future reserves to address maintenance issues. Ms. Kelsey ac��sed tha e assessment allocations would go before the City Council at their January 26 �k�09 meet' .""�Is. Kelsey advised that the assessments included a twenty percent (20%) cQ�iCi '`�" f, o allow for unknowns. Member Pust suggested that if HRA members or members�k ubl' have strong views or comments, that they talk to the City Council. Ms. Pust noted ��'�.;.� re were several ways to look at this situation, and that requests for addirional infori��tion indicated there were questions yet unresolved. ;� Ms. Kelsey addressed some of the spe� fics o'we �st per unit assessment realities and limited budgets of some of the owners; c usion some residents. Member Tracy requested review of the I�A program and ordinance, including the financing through Bremer Bank; i�lt�rest rates plus ��es �or City administration of the financing; fifteen (15) year term o�,� `"� �� "��'lack of availa�i�ty for private financing on a number of the units; and assessmen��of the c ; as a guaran��e for payback or a lien on the taY rolls with first place for paybac = t�aon resal �� dvised that the loan term was 15 years, at 6.75 — 725% interest,,' ��n a, . . Discussion inclu s t�ken by the association to ensure they did not end up without su�� -�'e,seives �� re improvements, by providing an average increase of $200/month �� dues; ;�� ation of a budget plan for the future that had been reviewed and approved ��.n e Cit�'s Finance Director Chris Miller; and protecrion to the City from any additional ,� issues, with the City seiving as a pass through and administrator. Member � st noted that the City Council may need to discuss policy issues from their perspec ' e to address their criteria for providing this assistance in case other associations '` r�ed interest in similar financing; did the City wish to serve as a bank repeatedly; and �� est to address the strife created in the Westwood Village community related to the cost ocations for improvements, which had grown contentious. Further discussion included other communiries having eaperience with HIA's (Hopkins and St. Louise Park); addirional information provided by Member Masche on this subject the uniqueness of this request for 100% of construction costs, rather than gap financing, and inability to determine if any individual units are close to foreclosure until they actually go into foreclosure. Additional discussion included the HRA's standards going forward and whether they were interested in doing so again; informal staff surveys to determine if other similar situations were