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Item No: 7C Meeting Date: Nov. 22, 2010 Type of Business: EDA Administrator Review: ____ City of Mounds View Staff Report To: Economic Development Authority Cc: Economic Development Commission From: Heidi Steinmetz, Economic Development Specialist Item Title/Subject: Resolution 10-EDA-263 Approving Criteria for the Mounds View Code Enforcement Home Loan Background Over the past several months, the EDA/City Council has been discussing developing a home improvement loan program to replace the EDA’s existing Housing Replacement Program. To date, the EDA/City Council has reviewed the proposed loan criteria on September 27, October 25, November 1 and November 8. Discussion Attached is a revised version of the draft criteria for the Code Enforcement Home Loan based on input from the EDA’s November 8th meeting. Below is a summary of those revisions: • Under Loan Term, “Or if the property ceases to be owner-occupied” language was replaced with “whichever occurs first.” • The Loan Term was changed from 15 years to 10 years. • Under Eligible Repairs, “Energy efficient” language was added. • “Code Enforcement Loan applicants may also apply for the General Home Repair Loan not to exceed a total loan amount of $15,000” language was removed. Recommendation City staff recommends that the EDA approve Resolution 10-EDA-263 Approving the Criteria for the Mounds View Code Enforcement Home Loan. After this approval, city staff would begin marketing the program for a program launch in January 2011. After the EDA finalizes the criteria, Suzanne Snyder and Marie Malrick will discuss underwriting fees with City staff and then City staff would present the information to the EDA at a future meeting. Respectfully submitted, ____________________________ Heidi Steinmetz, Economic Development Specialist Attachments • Mounds View Code Enforcement Home Loan Criteria • Resolution 10-EDA-263