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modern home. Two applications have been approved since January of 2004 under the new <br />program criteria. <br />However, based upon an average annual increase in value of Roseville homes of 8% over the past <br />5 years,staff recommends modifying the required program eligibility for maximum assessed <br />value by 8% annually. As this is a required criterion, an annual modification will account for <br />normal and customary inflationary increases in value without additional improvements. Based <br />upon an 8% increase, the assessed value limitation for 2005 would be $216,000. By changing <br />this value maximum, approximately 1,300 additional homes would become eligible under the <br />program. <br />Member Kelsey asked that the RHRA Board annually review the county Assessor’s estimated <br />market value as the first step in annual adjustments. <br />Member Hermes suggested using press releases with the local paper. <br />Motion: <br />Member Kelsey moved, seconded by Member Scheunemann, to adopt the Roseville <br />Housing Redesign Program modification for eligibility criteria #1 with an annual 8% inflationary <br />increase. <br />Ayes: 6 <br />Nays: 0 <br />Motion carried. <br />8.Information, Reports & Other Business <br />a.Update on Fund Request for 311 County Road B (HF28) <br />Chair Majerus requested information from the staff. Cathy Bennett explained the RHRA <br />supported the submission (building on our successes) of an MHFA consolidated request for <br />proposals and supported the application of CBDG and Home Funds from Ramsey County in <br />March 2005. Both of these applications were for acquisition funding relating to the property at <br />311 County Road B. The request for MHFA funding was not supported at this time due to the <br />competitiveness of other applications and readiness of this project. Staff will review additional <br />options and possibility of resubmission of funding in July. The request for county funding was <br />favorably recommended by County staff and accepted by the County Board acting as the Ramsey <br />County RHRA in the amount of $250,000. Ramsey County has been very pleased with the result <br />of the Applewood Court project and is willing to work with the RHRA to help fund and facilitate <br />more opportunities for first time buyer small lot homes. <br />The RHRA also directed staff to conduct an appraisal of the property as well as hire a design firm <br />to prepare three sketch plans for possible small lot single family homes on the site. Staff has been <br />meeting with the property representative who is still interested in working with the RHRA on <br />development and purchase options, including the possibility of a request for development <br />proposals from prospective developers. <br />Staff suggested follow-up: Continue to work with the County and MHFA on funding for the <br />project; Review additional funding sources for the project with RHRA attorney; with approval of <br />the property representative, prepare a request for proposal for review by the RHRA in June. If <br />supportive, a RFP could be sent to prospective developers to partner with the RHRA on <br />development of the site. <br />5 <br /> <br />