HomeMy WebLinkAbout5.A.1. Request for Home Improvement Loan under Residential Rehabilitation Loan Program
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CITY OF SHAKOPEE co~'sr'~T
Memorandum .~i' Ie"
TO: Honorable Mayor and City Council
Mark McNeill, City Administrator
FROM: R. Michael Leek, Community Development Director fZ-M---
SUBJECT: Approval of Request for Home Improvement Loan under
Residential Rehabilitation Loan Program
MEETING DATE: March 16,2010
INTRODUCTION:
Carver CDA received an application for loan under this program. The CDA has
reviewed the applications for compliance with program guidelines, and has forwarded it
to the City Council for approval as required by the agreement between the City and
Carver CDA.
DISCUSSION:
In 1999, the City received a Community Development Block Grant through the State of
Minnesota to be used for commercial and residential rehabilitation loans. These loans
were and are targeted to properties in the CR 101 corridor and Downtown (See attached
map). In 2009, the Council approved two loan requests of up to $15,000.00 each, thus
staff understands there to be about $40,000.00 in re-paid funds that are remain available
to make additional loans.
The current request is for a loan of $15,000.00 for 906 Lewis Street, and is primarily for
roof and rafter replacement. If funds are available from that amount, they will be used to
address furnace, windows or doors. The applicants have resided at this address for 48-
and 13-years, respectively.
AL TERNA TIVES:
1. Offer and pass a motion approving the request for rehabilitation loans for 906 Lewis
Street, and directing staff to work with the Carver CDA to implement the loan.
2. Table this item for additional information.
STAFF RECOMMENDATION:
Staff recommends alternative no. 1, i.e. offer and pass a motion approving the request for
rehabilitation loan for 906 Lewis Street, and directing staff to work with the Carver CDA
to implement the loan.
1
RELATIONSHIP TO CITY GOALS:
By providing for the upgrading of existing housing in the target area, this item relates to
City Goal B, High quality of life and D, vibrant, resilient and stable.
ACTION REQUESTED:
Offer and pass a motion approving the request for rehabilitation loan for 906 Lewis
Street, and directing staff to work with the Carver CDA to implement the loan.
2
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