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Regular City Council Meeting Monday,January 24,2011 Page 13 Discussion among Councilmembers prior to the Public Hearing included concerns with the level of assessment per unit and impacts to sales prices; how this HIA would meet the goals of the City's HRA; current value of the property and pro- jected value with and/or without improvements, especially the elevator improve- ments to bring it up to code; process going forward in preparing financial and arc- hitectural documents by a third party; and impacts to current and future associa- tion fees per unit; 60% of the owners supporting the petition and recommendation that additional signatures be sought as the process continues to ensure that the HIA was fully supported; and the property having less than twenty-five (25) units having an impact on qualifying for private funding. Acting Mayor Pust opened the Public Hearing at 7:29 p.m. for the purpose of hearing public comment on a petition from the Lake Josephine Association to es- tablish a Housing Improvement Area(HIA). Public Comment Carmen Mall As a resident since 2004 and a Board member since that time, Ms. Mall expressed the good relationship of residents and their common interest in preserving and maintaining the building and their individual units thorough volunteering their time for indoor and outdoor maintenance and community involvement within their building. Ms. Mall reviewed the demographics of the building, including a majority being elderly; and their appreciation for their building and the communi- ty. Ms. Mall noted that many residents were long-term, from the time the build- ing was an apartment building. Ms. Mall noted that in 2003, the association be- gan a reserve fund to address ongoing maintenance, even though previous boards had not thought it necessary since the building was newer; and noted that there had been no rules up to that time advocating building reserve funds. However, Ms. Mall noted that, even prior to hiring a management company, the board rec- ognized the need to gradually build a reserve funds. Ms. Mall respectfully sought City Council support for establishment of an HIA. Councilmember Willmus questioned if all units were owner-occupied; with Ms. Mall advising that 87% were owner-occupied, with three (3) units rentals, one of which became a rental when the owner was transferred out-of-town for work, but remained supportive of the HIA. Acting Mayor Pust questioned if the unit owners understood the extent that the association fees would need to increase if the HIA proceeded. Ms. Mall advised that the fees would be based on the square footage of each unit, and assured Councilmembers that occupants had been advised of the full financial picture. Ms. Mall noted that due to those financial considerations, the current im- provements may need to be limited to the elevator, with a quote received between