5. HRSR 08-05-2013 - Laserfiche WebLink

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Home for Generations November 2008 Page 2 project. The feasibility of utilizing funds through the Neighborhood Stabilization Program will also be considered. It is expected that each project will be able to financially support itself. In other words,we expect each project to cover its costs upon sale of the property. However,if making a profit is feasible, it is proposed that excess sale proceeds be used to subsidize improvements, such as additional square footage, on a separate project whose costs may not be recovered upon a sale. Such a demonstration, despite the financial shortfall,would reflect the type of long term investment in a home a family might make to meet its needs. Uses of Funds/Lnprovements Candidate homes will primarily be ramblers and cape cods, and perhaps split level and split entry homes. Remodeling plan books,which were funded by Coon Rapids and other cities throughout the metro area, have been completed for each of these types of homes and will be the basis for each remodeling plan. Kitchens,bathrooms, and additional bedrooms or living spaces will be the focus of the projects,although improvements that create character or distinction, such as will also be considered. For budgetary reasons,it is expected that projects which modify existing space, such as removing a wall between the kitchen and living area or expanding a bathroom, will be more typical,whereas projects which add square footage will be less common. It may also be necessary to include some maintenance related items in a project budget, such as new landscaping, new siding or roof, and mechanical or driveway replacement. To the extent possible, improvements that demonstrate eco-sensitive technologies or practices will be incorporated into the project. The historic preservation of older homes will also be considered. Depending on a project's financial parameters,it may also be possible to only rough in certain improvements. While finished work is desired,rough in work still demonstrates how an older home can be updated and further utilized. Examples include installing an egress basement window for a future bedroom, or roughing in new plumbing for a basement bathroom. Finally, a project budget would include funds to stage a home once renovations are complete so that it can be showcased. Showcasing and Program Promotion The Scattered Site Remodel Program will utilize a variety of strategies to promote the program to Coon Rapids residents, including direct mailings to residents,newsletter feature articles, City website and listserv, CTN programs such as City Connections or Talk of the Town, open houses, and information or seminars at the North Suburban Home Show. Upon completion of each remodeling project,the home will be showcased and made available for viewing at scheduled times to the neighborhood and general public. The home will be staged with furniture to further demonstrate the functionality of an older home. Large scale"pre- renovation"pictures will be on display and well as financial information about the project. CTN will also document several of the projects and involve reporter Maria Baca from the Star Tribune in the process. Additionally,target marketing efforts to brokers,contractors, and architects will help promote Coon Rapids and the reinvestment efforts, as well as expose the program to additional potential partners and resources.