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Mounds View EDA November 22, 2010 <br />Regular Meeting Page 3 <br /> <br />property values. Staff recommended the EDA approve the General Home Repair Loan. 88 <br /> 89 <br />Vice President Stigney asked that the loan value amount be increased to $15,000 on the 90 <br />resolution to coincide the staff recommendation. He requested that energy efficient windows and 91 <br />glass only be approved through the loan program when they are related to the life and safety of 92 <br />the homeowner for both interior and exterior improvements. 93 <br /> 94 <br />Commissioner Gunn indicated the eligible repairs discussed at the last meeting were energy 95 <br />efficient and interior repairs when related to life and safety of the resident. She explained these 96 <br />were separate issues. She did not want to see the program limited to only exterior repairs. 97 <br /> 98 <br />President Flaherty commented that interior repairs would add value only to the homeowner and 99 <br />would not be adding value to the neighborhood. External repairs would improve surrounding 100 <br />property values. He indicated the program was designed to improve curb appeal of the aging 101 <br />housing stock throughout the City. 102 <br /> 103 <br />Executive Director Ericson indicated interior repairs were outlined specifically to assist with 104 <br />increasing home values and sustainability. He recommended that a code enforcement violation 105 <br />not be a mandate for this loan program. 106 <br /> 107 <br />Commissioner Mueller stated she would be in favor of striking the words after “interior repairs” 108 <br />from the resolution. This would allow a homeowner to make much necessary upgrades when 109 <br />needed. 110 <br /> 111 <br />Commissioner Hull agreed with this recommendation. 112 <br /> 113 <br />Vice President Stigney questioned if this loan had an asset limit. He indicated he would have a 114 <br />hard time supporting this loan program as it does not encourage homeowners to look elsewhere 115 <br />first. He also requested further information from staff on what “energy efficient” home repairs 116 <br />would entail. 117 <br /> 118 <br /> President Flaherty indicated he did not feel any income limitations should be set for this loan. 119 <br /> 120 <br />Vice President Stigney questioned why the City was getting into the banking business. 121 <br />Economic Development Specialist Steinmetz stated these programs have been in existence for 122 <br />years and the City was strictly revising the criteria at this time as additional funds were now 123 <br />available for the loan programs. 124 <br /> 125 <br />President Flaherty did not oppose the program as written. Mr. Roberts suggested that siding be 126 <br />added as an approved exterior improvement. He explained the thought was to have energy 127 <br />efficiency improvements cover heating and cooling systems. 128 <br /> 129