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<br />spoke with .school officials and they noted that they are happy with both housing and the trail <br />development in the City. She reminded the City Council that the County has funds they can <br />access for HRA projects. <br /> <br />Councilmember Elvig stated that he believes the pool of money is about $440,000 per year but <br />he thought this was earmarked to go toward the parking ramp. He asked if there were additional <br />funds available. <br /> <br />Housing Consultant Bennett stated that there is approximately $700,000 available and $300,000 <br />is earmarked for the project near the parking ramp. She stated that there is also an additional <br />$200,000 that accrues annually, but a portion of that goes to payoff the senior project in the <br />community, so the full $200,000 is not available. She stated that, currently, the County is <br />tracking foreclosures, but many communities have been asking for some type of County-wide <br />foreclosure program. She stated that if this is something that Ramsey would like, this should be <br />included somewhere in the housing planthat the City requests the County become more actively <br />involved. She stated that she has also had conversations with Joan Wright of ACCAP about the <br />potential of partnering with them. She stated that there is a large market for rentals right now. <br /> <br />Councilmember Dehen stated that he understands that the City needs to establish goals and plat <br />for the future, but he feels there are 3 big projects that could potentially impact these goals. He <br />stated that the 3 projects are ACCAP, Crestview, and the apartment project on Dysprosium. He <br />stated that to make projections with these unknowns may negate some of the policy decisions the <br />City is trying to make. He stated that there may be a glut in the market and a lot of vacancies in <br />rental units. He stated that near Super Bowl there are town homes that have significant <br />vacancies and a lot of the units are being rented out. <br /> <br />Councilmember Elvig stated that he is not an advocate of single family homes as rental units. <br /> <br />Mayor Gamec stated that he believes the City is doing an excellent job of meeting the goals in <br />the kinds of housing people are looking for. He stated that the problem is the financing packages <br />being offered right now which has caused a glut in the market. He stated that many of the <br />foreclosures are not necessarily for homes right now, but on lots. <br /> <br />Councilmember Olson stated that right now it is a very favorable market for renting, but there <br />are a lot of foreclosures. She stated that she feels it is important to remember that this is just a <br />snapshot in time and that it will only take a few years for people to get their credit back in shape <br />and re-enter the housing market. She stated that she feels the City needs to build and plan for a <br />more normal time and not build for the anomaly that the City is currently living through. <br /> <br />Councilmember Elvig stated that he is happy with the feedback from the businesses that the City <br />is meeting their housing needs. He questioned if there was a way to control people trying to rent <br />single family homes by making sure there is a good supply of other rental units available. <br /> <br />Councilmember Olson stated that she feels the demographics of people renting houses are <br />families who do not want to raise their children in apartments. She stated that she thinks people <br />who want to move, but cannot sell their house may rent their house out until such time as the <br /> <br />City Council Work Session I October 16,2007 <br />Page 2 of8 <br />