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HRA Meeting Minutes – Tuesday, November 16, 2010 Page 5 of the units, estimating that the majority of the units valued at $60-65,000 in today’s market, and an additional estimated $17,000 in assessments, would signify a net loss for most of those property owners. Member Pust noted the need to factor that in; however, opined that a number of single-family homes were currently upside down in the market as well; and the HRA needed to consider their role in the overall housing market. Mr. Schumacher advised that the units sold for an average of $100,000 before the economic downturn and housing market slump; and that new owners would have the added value of the improvements, such as the new elevator and boiler, that would provide a benefit to them, as opposed to the person selling the unit. At the request of Chair Maschka, Ms. Kelsey clarified that the loan would be applied to each individual unit, not the association itself; with Mr. Trudgeon noted the need to sort out the costs for each unit. Member Elkins opined that the HRA’s involvement in this HRA would serve to support its goal for providing sustainable housing in the community. Member Lee opined that it also served to stabilize the City’s tax base, and that it fit the HRA’s criteria. Member Lee sought clarification from staff if the approval was reversible at any point in the process. Ms. Kelsey advised that, if the process was not completed within sixty (60)-days of the ordinance adoption, the process would need to be initiated again from the beginning. Ms. Kelsey reminded HRA members that it was up to the City Council to make the final determination, based on the HRA’s recommendation; and that if the HRA chose not to make a recommendation, the City Council may not pass the ordinance. Thinking “outside the box” and from a financial perspective, Chair Maschka opined that it might make more sense to rehabilitate and then sell the entire building as an apartment building that should have never been converted. Ms. Kelsey observed that this complex was not an isolated case in Roseville that fit into that category. Motion: Member Elkins moved, seconded by Member Lee to recommend that the Roseville City Council hold a public hearing for consideration of an ordinance establishing an HIA for the Lake Josephine Association. Ayes: 6 Nays: 0 Motion carried. b.HRA Staffing Executive Director Trudgeon summarized the request to include a review of the HRA organizational staffing plan as part of the 2011 work plan, as detailed in the Request for HRA Action dated November 16, 2010. Mr. Trudgeon noted that HRA staff had made great strides in the three (3) years since its 2007 reorganization, with more resources dedicated toward its mission and refocusing on that mission, with aggressive efforts to-date. Mr. Trudgeon noted the need, as supported by the HRA’s Finance Sub-Committee, to review the Housing Program Coordinator’s job description, given its critical role for the HRA mission, and involvement in day-to-day operations to ensure that the job description matched operational realities.