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Housing & Redevelopment Authority <br />May 3, 2010 <br />Page 3 <br />• Commissioner Kuester asked what kind of project could be done, since $100,000 is not a lot <br />of money to work with. Ms. Mehelich stated that the funds could be used to provide <br />financing assistance for construction or renovation. She stated that staff could take a look at <br />needs and come up with a list of possible projects. Commissioner Kuester asked what type <br />of loan would be utilized. Ms. Mehelich stated that it could be a micro loan or similar type <br />loan. Commissioner Kuester asked if project could be from a private developer. Ms. <br />Mehelich stated yes, the statute requires it be provided for private development. <br />Ms. Mehelich stated that if the Commission has any ideas for possible projects, to contact <br />staff. Commissioner Kuester asked if the funds could be used for demolition. Ms. Mehelich <br />stated yes. <br />Commissioner Motin asked if administrative costs could be submitted for reimbursement. <br />NIs. Mehelich stated yes. Commissioner Lieser stated she felt this was a good opportunity <br />which could be beneficial to the community. Chair Wilson stated that there is not a lot <br />happening in the downtown and a project could help keep the downtown moving forward. <br />Ms. Mehelich stated that the city is scheduled to receive TIF District # 16 payment in July <br />and the funds should be set aside now. <br />It was the consensus of the Commission to move forward with the necessary steps to <br />modify TIF District # 16 (King and Main) consistent with recent legislation to stimulate <br />construction or rehabilitation of private development. <br />7. Other Business <br />• Ms. Deckert noted that two down payment assistance applications have been received. She <br />noted that the deadline for use of the NSP funds has been extended to 2013. <br />Adjournment <br />There being no other business, Chair Wilson adjourned the meeting. <br />The meeting of the Elk River Housing and Redevelopment Authority adjourned at 6:15 p.m. <br />Minutes prepared b~ebbie Huebner. <br />-, ~ i <br />~ ~ <br />Tina Allard <br />City Clerk <br />~r <br />Stewart Wilson <br />Chair, Housing and Redevelopment Authority <br />• <br />