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<br /> <br />Housing and Redevelopment Authority Minutes <br />June 3, 2024 <br />--------- <br />Page 4 of 5 <br />acquisition and redevelopment process of this property and consider if they feel a project like this falls <br />under the mission of the HRA. <br /> <br />The HRA discussed property valuation, clean up and remediation costs, and what funding sources could <br />be used to purchase the property. They discussed the well condition and the fact that the property <br />does not include city sewer and water, with no plans to bring in services. Mr. O'Neil explained the <br />court process with the property and the fact that the property has to go tax forfeiture before selling. <br /> <br />The HRA discussed the benefits of acquiring the property, as it would help the neighborhood, bring the <br />property back to the tax rolls, and provide an opportunity for someone to build a new home on a 1- <br />acre lot. <br /> <br />It was the consensus of the HRA to bring this item back for a future work session to discuss funding <br />sources and a summary of potential costs, and answer any legal concerns. <br /> <br />Commissioner Wagner and Mr. O'Neil exited the meeting at 6:32 p.m. to attend the City Council <br />meeting. <br /> <br /> 8.2 Housing Rehab Loan Program Overview <br /> Mr. Mollan provided an overview of the Housing Rehab Loan Program. <br /> <br />The HRA members discussed the amount of $150,000 available per year that can be dispersed, <br />amounting to about 4 loans per year. They agreed the amount of $35,000 can be low when remodeling <br />and CEE offers loans with higher lending limits. The current rate of 4% is below market but felt it was <br />fair given the purpose of the program. Mr. Mollan noted that the ERMU mailer was going out in water <br />bills in July. He suggested waiting until after the mailer goes out before considering expanding the urban <br />service area. <br /> <br />Due to the desire for all HRA members to be present when considering any changes to the loan <br />program policy, Mr Mollan stated they will continue the discussion at a future work session and review <br />feedback after the mailer is distributed next month. <br /> <br />9. MOTION TO ADJOURN <br /> Moved by Commissioner Beaudry and seconded by Commissioner Caswell to adjourn the <br />work session. <br /> <br />The meeting adjourned at 6:52 p.m. <br /> <br />Minutes prepared by Jennifer Green. <br /> <br /> <br /> <br />