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City of 1" <br /> Elk <br /> Special Workshop Meeting of the Elk River <br /> River Housing and Redevelopment Authority <br /> Held at the Elk River City Hall <br /> Monday, April 7, 2014 <br /> Members Present: Chair Wilson, Commissioners,Kuester,Toth, Chuba, and Motin <br /> Members Absent: None <br /> Staff Present: Economic Development Director Brian Beeman, Community <br /> Operations and Development Deputy Director Jeremy Barnhart, and <br /> Sr.Administrative Assistant Debbie Huebner <br /> Also Present: Seth Kauffman, Central Minnesota Housing Partnership, Inc., <br /> Program Manager <br /> I. Call Meeting to Order <br /> Pursuant to due call and notice thereof, the meeting of the Elk River Housing and <br /> Redevelopment Authority was called to order at 5:55 p.m. by Chair Wilson. <br /> 2. Consider 04/07/2014 Agenda <br /> Moved by Commissioner Motin and seconded by Commissioner Kuester to <br /> y y <br /> approve the April 7,2014 workshop meeting agenda. Motion carried 4-0. <br /> 3.1 Discuss Small Cities Development Program Grant Preliminary <br /> Application <br /> Mr. Kaufman stated that he will provide an update next month on this topic. <br /> 3.2 Discuss Development of HRA Housing Rehabilitation Program Policy <br /> Mr. Kaufman reviewed funding issues as follows: <br /> • Total funding- $300,over 3 years with a 15%administrative fee <br /> • Financing term options - <br /> • 5 year loan at 2%below prime rate: $5,000 to $10,000 5 year loan <br /> • 10 year loan at 1%below prime rate: $10,000 to $20,000 5 or 10 year <br /> loan <br /> • 15 year loan at prime rate: $20,000 to $25,000 5, 10 or 15 <br /> year loan <br /> • • Application&application process <br />