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10-25-2010 EDA Meeting <br />Item 7A – Resolution 10-EDA-261 <br />Page 2 of 2 <br /> <br />to 2009 Assessment Payable 2010. (Attached is a spreadsheet showing this data compared <br />to other Ramsey County cities.) <br />Furthermore, the chart below shows that the most common loan to value ratio for a city home <br />improvement loan is at least 100%. <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />Source: GMHC <br /> <br />Recommendation <br /> <br />City staff recommends that the EDA approve Resolution 10-EDA-261 approving the Mounds <br />View Home Improvement Loan Program Criteria with the EDC’s recommended changes. <br />After this approval, city staff would begin marketing the program (in November and December <br />of 2010) for a program launch in January 2011. After the EDA finalizes the criteria, Suzanne <br />Snyder and Marie Malrick will discuss underwriting fees with City staff and then City staff <br />would present the information to the EDA at a future meeting. <br /> <br />Respectfully submitted, <br /> <br /> <br />____________________________ <br />Heidi Steinmetz, Economic Development Specialist <br /> <br /> <br />Attachments <br /> <br />• Mounds View Home Improvement Program Draft Loan Criteria <br />• Memo from Suzanne Snyder dated October 21, 2010 <br />• Median Est’d Market Value of Single-Family in Ramsey County <br />• Resolution 10-EDA-261 <br /> <br />City Loan to Value <br />Columbia Heights 100% <br />Minneapolis 100−120% <br />Roseville 115% <br />St. Anthony 100% <br />St. Paul 110% <br />Shoreview no loan to value <br />Woodbury 90%