Laserfiche WebLink
22 <br />MEMORANDUM <br />DATE: October 31, 2007 <br />TO: Mike Mornson, City Manager <br />FROM: Roger Larson, Finance Director <br />ITEM: GREATER METROPOLITAN IIOUSING CORPORATION <br />In September 2002, the City of St. Anthony entered into an agreement with the Greater <br />Metropolitan Housing Corporation (GMHC) to administer the City's housing <br />rehabilitation program. <br />The initial funding that was allocated to GMI-IC was $100,000.00 ($90,000.00 was <br />dedicated for the Revolving Loan Program and $10,000 covered administration costs for <br />GMHC administering the loan pool). <br />Since the City had no track record or knowledge of how successful the program would <br />be, funding was approved in three increments. A review of St. Anthony's payments <br />made to GMI IC and their administrative fees are as follows: <br />Revolving Loan program 10% - Administrative Fees Total payment <br />2002 - $27,000.00 $ 3,000.00 $ 30,000.00 <br />2004 - $36,000.00 $ 4,000.00 $ 40,000.00 <br />2006 - $27,000.00 $ 3,000.00 $ 30,000.00 <br />$90,000.00 $10,000.00 $100,000.00 <br />In addition, St. Anthony entered into a Consultant Services Contract with GMHC to <br />provide St. Anthony residents with rehabilitation advisory services, information, loan <br />administration and referral services through the Ilousing Resource Center Northeast. <br />GMHC helps homeowners identify and prioritize home improvement projects. A <br />construction manager assists with the process including; home inspection, financing, <br />bidding the project, providing information on licensed contractors and oversight of the <br />work in progress. A review of the consultant services payments is as follows: <br />Consultant Services Contract <br />2002 - $ 5,000.00 <br />2003 - $10,000.00 <br />2004 - $12,500.00 <br />2005 - $12,500.00 <br />2006 - $12,500.00 <br />2007 - $12,500.00 <br />$65,000.00 <br />