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Mounds View EDA November 22, 2010 <br />Regular Meeting Page 2 <br /> <br />City of Mounds View with the loan program. Staff recommended approval of the criteria 46 <br />submitted for the Home Demolition Loan. 47 <br /> 48 <br />Commissioner Mueller questioned if the demolition loan had any income limitations. Economic 49 <br />Development Specialist Steinmetz indicated there were no income limitations. The City would 50 <br />like to see blighted properties demolished and redeveloped to assist with keeping property values 51 <br />steady and/or rising. 52 <br /> 53 <br />Commissioner Mueller thanked staff for working through the criteria with the EDA as this 54 <br />program would greatly benefit the City. 55 <br /> 56 <br />Vice President Stigney asked if there was a timeframe for demolition once a City loan was 57 <br />approved. Commissioner Hull indicated there was a 120 day time limit for the demolition work 58 <br />to be completed. 59 <br /> 60 <br />Economic Development Specialist Steinmetz indicated the Fire Department’s burn down 61 <br />program would be available through the Demolition Loan Program and would decrease the 62 <br />overall demolition expenses greatly. 63 <br /> 64 <br />Commissioner Mueller inquired if the City had an estimate of the expenses to administer these 65 <br />loans. Economic Development Specialist Steinmetz explained this information was requested 66 <br />from GMHC but has not been made available to date. The City does have an annual contract 67 <br />with the GMHC and fees would be adjusted to stay within this contract. In addition, fees would 68 <br />be lower than working with a bank and would be in alignment with fees charged to neighboring 69 <br />cities. She indicated that the City was recommending that all GMHC fees be rolled into the 70 <br />expense of the loan. 71 <br /> 72 <br />President Flaherty encouraged staff to speak with GMHC to resolve the fee situation to assure 73 <br />that the program was able to launch in January. 74 <br /> 75 <br />MOTION/SECOND: Gunn/Mueller. To Waive the Reading and Adopt Resolution 10-EDA-76 <br />261, Approving Criteria for the Mounds View Home Demolition Loan. 77 <br /> 78 <br /> Ayes – 4 Nays – 1 (Hull) Motion carried. 79 <br /> 80 <br />B. Resolution 10-EDA-262, Approving Criteria for the Mounds View General 81 <br />Home Repair Loan 82 <br /> 83 <br />Economic Development Specialist Steinmetz reviewed the criteria for the General Home Repair 84 <br />Loan. She explained loan amounts would range in value from $1,000 to $15,000 and had a term 85 <br />of 10 years. Staff indicated language had been revised based on EDA comments and would be in 86 <br />favor of allowing both interior and exterior home repairs within this loan, as both increased 87