Agenda Packets - 1998/02/02 - Laserfiche WebLink

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Staff Memo -Multi-Jurisdictional Remodeling Planbook January 27, 1998 Page 2 through the planbook and by the positive marketing and public relations work of local realtors. The planbook for the Longfellow neighborhood was originally designed to be implemented in conjunction with a low interest loan program for homeowners. The loan program has not yet been implemented, however,the redevelopment in the community has increased dramatically. As far as distribution of the planbook several options are available. In the Longfellow neighborhood,the planbook is free to homeowners who receive loans for rehabilitation. Otherwise, the planbooks cost approximately$8 each to print and are sold for$10 to Longfellow neighborhood residents and$15 to nonresidents. They have sold more than 800 books to date. Other options may be to provide copies to review or check out at city hall and local libraries. FIRST TIER SUBURBS CONSORTIUM A meeting of the Planbook Consortium was attended by city staff on January 9, to obtain additional information regarding the time line for the planbook and the deadline for Mounds View's commitment. At this time, the consortium has enough cities committed to go ahead with planbook development and the hiring of the architect to design the planbook. Mounds View has until the end of February to commit to the consortium. The financial commitment for each city is $5,000. The total cost to the group will be $60,000. Attached is a breakdown of expenses for the planbook development(Exhibit A). Any funds obtained from additional cities would be put toward the background work for the additional city as well as further marketing and printing for the planbook. The consortium is in the process of obtaining outside funding to pay for or supplement printing costs. FUNDING SOURCES The cities already committed to the planbook have used a wide variety of funding sources including; general funds, grants and Tax Increment Financing (TIF). As reported at the last Council Workshop meeting,the amount of TIF funds allocated to single family housing was $200,000 for 1997 and $120,000 for 1998. It was stated in the memo that none of the funds have been used. Actually, $122,797.68 of the funds were allocated in 1997 to purchase two homes for the Housing Replacement Program(HRP). DISCUSSION The planbook is a pro-active approach to remodeling and rehabilitation. The remodeling activity may be increased when used in conjunction with the provision of low-interest loans to homeowners. If the council chooses to participate in the planbook consortium,the implementation of a low-interest loan program may be suggested to provided a mechanism for financing to homeowners. City staff is currently talking to other cities,the Center for Energy and the Environment, and Western Bank about how a housing improvement loan program could be set up in Mounds View. Staff will report the results of these discussions at the March work session.