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• Staff Memo - Proposed Loan Program <br /> March 13, 1998 <br /> Page 3 <br /> HOME IMPROVEMENT FAIR <br /> Another option for consideration by the EDC is the establishment of a"Home Improvement Fair" for <br /> Mounds View residents. Numerous communities throughout the metropolitan area organize an annual fair <br /> which features local contractors, home improvement and remodeling, financial institutions and other <br /> various exhibits relating to home improvement. Attached is a copy of a brochure for the City of Roseville <br /> "Home and Garden Fair"(Exhibit B). Possibilities include a home improvement fair exclusively sponsored <br /> by the city or a combined effort with one or more communities. The city may wish to consider options for <br /> a"Home Improvement Fair" at this time. <br /> SUMMARY <br /> Mounds View has taken a proactive approach to home improvement within the community this year by <br /> joining efforts with a consortium of other first tier suburban communities in the development of a <br /> remodeling plan book. The plan book will provide design samples for remodeling homes which are <br /> typical of home designs of first tier suburbs(i.e. Rambler, Cape Cod, Bungalow, etc...). When the <br /> Economic Development Authority appropriated the funding to participate in the creation of the plan book, <br /> direction was provided to explore options to establish a low interest home improvement loan program <br /> sponsored by the city. Numerous options are available to the city for implementing a low interest loan <br /> program. The EDC should consider the city's goals for housing quality when recommending a loan <br /> program. Even though the"This Old House"program may limit the increased tax base for home <br /> improvements, the long term effect of stimulated home improvement would have a positive effect on <br /> Mounds View's housing quality and value. <br /> RECOMMENDATION <br /> Provide direction to the Economic Development Authority for further consideration of a low <br /> interest loan program and "Home Improvement Fair". <br /> Steve Dorgan <br /> Housing Inspector <br /> 717-4023 <br /> Attachments: Exhibit A: EDC Staff Memo- February 26, 1998 <br /> Exhibit B: City of Roseville"Home and Garden Fair"Brochure <br /> N:\DATA\GROUPS\ECONDEV\EDA-EDC\LOAN3 26.MEM <br /> • <br />