06-05-2017 HRA MIN - Laserfiche WebLink

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Housing and Redevelopment Minutes June 5, 2017 Page 4 located at 426 Main Street NW, subject to the final terms being negotiated by staff. The motion carried 5-0. 7.4 Propose HRA Budget Workshop Ms. Othoudt asked for a consensus on a date and time for a worksession to review the HRA budget. She proposed July 3 prior to the HRA meeting, or after the regular meeting. It was the consensus of the HRA to meet on July 10 at 3:00 p.m. 8. Announcements There were no announcements. The HRA recessed at 6:20 p.m. and reconvened in work session at 6:22 m. 9.1 Main Street Redevelopment Project Update Ms. Othoudt stated that the owners of the two single family properties along 3d Street the owner of 420 Main Street have indicated an interest in selling; however she has been having trouble contacting one of the property owners. She will continue to be in contact with them. It was the consensus of the HRA to have staff pursue appraisals for the properties. 9.2 Funding for HRA Rehab Program Ms. Othoudt provided financial information regarding the HRA Housing Rehab Program as outlined in the staff report. She noted that there are funds available for 4 — 5 more projects in 2017. CM14P has received three new applications to date. Ms. Othoudt stated that the HRA reserve fund balance is $1.9 million. She suggested that $50,000 - $75,000 could be allocated from the reserves to continue funding more projects in 2017. Commissioner Eder suggested they consider $75,000 - $100,000 in additional funding. Chair Toth noted that they are planning a redevelopment project on Main Street and may need to be conservative with their funding. Ms. Othoudt suggested setting aside $50,000 and they could add more later if the HRA wanted to. It was the consensus of the Commissioners to go ahead with the $50,000. Ms. Othoudt stated that funding will be discussed during the upcoming budget process. Chair Toth asked why the process seems to take so long for the rehab applications. Ms. Eddy stated that it is difficult to get construction estimates when contractors are in their busiest time of the year. She noted that there is a great deal of paperwork in processing applications, as well. She stated that she will touch base with CMHP on the time lines. 10. Adjournment Chair Toth adjourned the meeting at 6:38 p.m. Minutes prepared by Debbie Huebner.