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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 129 <br />to Mounds View residents. He was in favor of the changes recommended by Staff. 130 <br /> 131 <br />Vice President Stigney indicated he was not in favor of these loans covering kitchen remodeling. 132 <br />He recommended the funds be used for exterior improvements to increase the value of a 133 <br />property. 134 <br /> 135 <br />President Flaherty saw that this type of improvement would improve the housing stock in the 136 <br />City so he was in favor of these types of home improvements. Ms. Snyder commented that 137 <br />kitchen remodels would increase the value of a home. 138 <br /> 139 <br />MOTION/SECOND: Flaherty/Hull. To amend the Mounds View Home Improvement Loan 140 <br />Program loan-to-value criteria and extend the program through 2012. 141 <br /> 142 <br />Vice President Stigney suggested that all eligible and ineligible home improvements be list in the 143 <br />document. Economic Development Specialist Steinmetz explained the plan approved last year 144 <br />was not a comprehensive list. She noted the staff at GMHC contacts the City with questions 145 <br />about potential loan requests and the City authorizes and provides guidance to GMHC. 146 <br /> 147 <br />Executive Director Ericson reviewed the items not covered through the loan programs. 148 <br /> 149 <br /> Ayes – 4 Nays – 1 (Stigney) Motion carried. 150 <br /> 151 <br />8. REPORTS 152 <br /> 153 <br />None. 154 <br /> 155 <br />9. NEXT EDA MEETING: Monday, January 9, 2012, at 6:30 p.m. 156 <br /> 157 <br />10. ADJOURNMENT 158 <br /> 159 <br />President Flaherty adjourned the meeting at 7:05 p.m. 160 <br /> 161 <br />Respectfully submitted, 162 <br /> 163 <br /> 164 <br />Recorded and transcribed by: 165 <br />Heidi Guenther 166 <br />TimeSaver Off Site Secretarial, Inc. 167