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<br />Item No: 7D <br />Meeting Date: Nov. 22, 2010 <br />Type of Business: EDA <br />Administrator Review: ____ <br />City of Mounds View Staff Report <br />To: Economic Development Authority <br />Cc: Economic Development Commission <br /> From: Heidi Steinmetz, Economic Development Specialist <br />Item Title/Subject: Resolution 10-EDA-264 Approving Criteria for the Mounds View <br />Emergency Deferred Home Loan <br /> <br /> <br />Background <br /> <br />Over the past several months, the EDA/City Council has been discussing developing a home <br />improvement loan program to replace the EDA’s existing Housing Replacement Program. To <br />date, the EDA/City Council has reviewed the proposed loan criteria on September 27, <br />October 25, November 1 and November 8. <br /> <br />Discussion <br /> <br />Attached is a revised version of the draft criteria for the Emergency Deferred Home Loan <br />based on input from the EDA’s November 8th meeting. The only revision since the November <br />8th meeting was under the Loan Term criteria, “Or if the property ceases to be owner- <br />occupied” language was replaced with “whichever occurs first”. <br /> <br />Recommendation <br /> <br />City staff recommends that the EDA approve Resolution 10-EDA-264 Approving the Criteria <br />for the Mounds View Emergency Deferred Home Loan. After this approval, city staff would <br />begin marketing the program for a program launch in January 2011. After the EDA finalizes <br />the criteria, Suzanne Snyder and Marie Malrick will discuss underwriting fees with City staff <br />and then City staff 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 />Attachments <br />• Mounds View Emergency Deferred Home Loan Criteria <br />• Resolution 10-EDA-264