Laserfiche WebLink
9 <br />Chair Majerus wanted clarification regarding the $350,000 requested from the HRA. Is this a <br />grant or loan? (Would be structured as a deferred loan). What is CCHT were to dissolve? (An <br />agreement would be structured to take these situ ations into considerati on and provide protection <br />for the HRA’s funds. Are there going to be additional consulting fees from Krass Monroe on this <br />project? (Yes). Chair Majerus would like to get a specific quote of what it is going to cost the <br />HRA to facilitate this request and how they can get reimbursed for those costs in the future. <br /> <br />Motion : Member Maschka moved, seconded by Memb er Elkins, to adopt a resolution providing <br />preliminary approval for the financing program to assist Central Community Housing Trust with <br />the rehabilitation of the Har Mar Apartments and the construction of new affordable apartments; <br />and requesting City Council prelim inary approval for the financing program and the calling of a <br />public hearing to establish a tax increment financing district <br /> <br />Ayes: 3 <br />Nays: 0 <br />Abstain: 1, Member Kelsey is employed by CCHT <br />Motion carried. <br /> <br /> <br />b. Recommendation Regarding the Establishmen t of a Housing Improvement Area for <br />Westwood Village I. (HF0052) <br /> <br />Executive Director Bennett provided a summary of Westwood Village I’s request to establish a <br />Housing Improvement Area based upon receipt of 80% of the resident signatures. A public <br />hearing will be set for December 18 th with a City Council work session on November 20 th . The <br />HRA should make a recommendation to the City Counc il with regards to how this project meets a <br />public need and how it fits into the HRA’s housing plan and goals. <br /> <br />Member Kelsey would like to see how the residents w ould be able to absorb higher taxes if they <br />are not able to finance the improvements. She wondered if they could afford paying higher taxes <br />instead of a loan. <br /> <br />Member Maschka agreed with Kelsey and would like more detail regarding how this program is <br />better than private financing. He feels that more evaluation needs to be done. The City Council <br />will be discussing this program and possible fi nancing mechanism at their work session in <br />November. He is concerned that this is not tr uly a pass through type financing and that there is <br />risk to the City if homeowners can not pay their taxes. <br /> <br />Motion : Member Maschka moved, seconded by Me mber Kelsey, to table consideration <br />of support for the establishment of a Housi ng Improvement Area for Westwood Village I <br />until after the City Council holds its work session discussion and more information is <br />obtained regarding the financing. <br /> <br />Ayes: 3 <br />Nays: 0 <br />Abstain: 1, Member Elkins who lives in this area that would be affected by the HIA <br />Motion carried. <br /> <br /> <br /> <br />