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! <br /> I <br /> I <br /> I <br /> I <br /> ! <br /> ! <br /> I <br /> I <br /> I <br /> I <br />I <br />I <br />I <br />I <br />I <br />I <br />i <br />I <br /> <br />TO: <br /> <br />FROM: <br /> <br />DATE: <br /> <br />RE: <br /> <br />MEMO <br /> <br />Clayton Berg, Building Official <br /> <br />Peter Raatikka, City Engineer <br /> <br />February 3, 1984 <br /> <br />FHA & GI Financing <br /> <br />As requested, we have reviewed the pros and cons for requiring FHA approval on <br />subdivisions ini Ramsey. <br /> <br />Some of the!positive reasons are that it sets building standards and it improve~' <br />the market~bili!~y of the property during period of time when private mortgage <br />financing i~i limited. Since Ramsey is just beginning to develop lots with <br />sewer and Water~ marketability of a project is very important. FHA financing <br />would also~i~elpilimit the City's exposure on a project. <br /> <br />The main o@l~osi~ion to FHA approval is the added cost to the developer <br />In reviewing this subject with neighboring cities, none required FHA approval <br />but Champlt~ sa~id they would recomend it to help limit the city exposure. <br /> <br />Therefore, !~nstbad of requiring FHA approval in the ordinance, the City may <br />wish to re¥~f/rr~ach developer's financial resources on an individual basis. <br />The marketability and turnaround rate of sale of lots should also be carefully <br />studied foCi-eaCh development. If it appears that the developer's financing or <br />backing isi.~lue~ionable or turnaround rate is slow, the City could make FHA <br />approval a part~ of the development agreement. <br /> <br /> <br />