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Mounds View EDA December 12, 2011 <br />Regular Meeting Page 4 <br /> <br />President Flaherty understood the need for the change as home values were declining at no fault <br />to Mounds View residents. He was in favor of the changes recommended by Staff. <br /> <br />Vice President Stigney indicated he was not in favor of these loans covering kitchen remodeling. <br />He recommended the funds be used for exterior improvements to increase the value of a <br />property. <br /> <br />President Flaherty saw that this type of improvement would improve the housing stock in the <br />City so he was in favor of these types of home improvements. Ms. Snyder commented that <br />kitchen remodels would increase the value of a home. <br /> <br />MOTION/SECOND: Flaherty/Hull. To amend the Mounds View Home Improvement Loan <br />Program loan-to-value criteria and extend the program through 2012. <br /> <br />Vice President Stigney suggested that all eligible and ineligible home improvements be listed in <br />the document. Economic Development Specialist Steinmetz explained the plan approved last <br />year was not a comprehensive list. She noted the staff at GMHC contacts the City with questions <br />about potential loan requests and the City authorizes and provides guidance to GMHC. <br /> <br />Executive Director Ericson reviewed the items not covered through the loan programs. <br /> <br /> Ayes – 4 Nays – 1 (Stigney) Motion carried. <br /> <br />8. REPORTS <br /> <br />None. <br /> <br />9. NEXT EDA MEETING: Monday, January 9, 2012, at 6:30 p.m. <br /> <br />10. ADJOURNMENT <br /> <br />President Flaherty adjourned the meeting at 7:05 p.m. <br /> <br />Respectfully submitted, <br /> <br /> <br />Recorded and transcribed by: <br />Heidi Guenther <br />TimeSaver Off Site Secretarial, Inc.