►
Description
Bloomington City Council/HRA Concurrent Meeting
A
A
With
the
two
bodies
called
to
order,
I
would
like
to
call
the
role
of
the
city
council,
mrs
christensen,
if
you
could
help
us
out
with
that,
please.
A
A
B
Mr
mayor,
yes,
could
we
get
the
roll
call
for
the
hra,
please
council,
member
here,
I'm
sorry,
commissioner,
who
came
here,
commissioner
olson
here,
commissioner
thorson
here
and
council
member
baloga
is
here
as
our
fourth
person,
commissioner.
A
All
right,
thank
you
much
and
councilmember
lohman
has
joined
us
now,
so
we
are
at
seven
members
of
the
bloomington
city
council
here
this
evening.
As
I
said,
this
is
a
concurrent
meeting
of
the
city
council
on
the
hra
and
we've
got
three
items
of
business
tonight
and
the
first
item
of
business
item.
2.1
is
the
adjustment
of
rate
of
affordable
housing
trust
fund,
revolving
loan
fund
related
to
the
city's
amended
and
restated
taxable
general
obligation,
tax,
increment
revenue,
bonds,
series,
2019
c,
it's
a
long
title
and
I'm
sure
lori
economy
shoulder
and
miss.
C
Mayor
terry
heaton
with
us
through
the
slides
so
ontario,
please
start
the
process
of
that.
But
the
emphasis
is
that
we
were
able
to
negotiate
a
much
lower
interest
rate
on
the
debt
and.
C
Hopefully,
you'll
approve
this
process.
A
Very
good,
ms
heaton
from
she's
our
advisor
from
baker
tilly
good
evening,
welcome.
D
Good
evening,
mr
mayor,
mr
chair
and
members
of
the
city
council
and
the
hra
board,
I
think
sherry
has
queued
up
or
will
be
queuing
up
a
presentation
for
this
item.
D
While
she's
queuing
it
up
I'll
give
a
little
introduction.
D
Last
december,
the
city
and
the
hra
went
through
a
process
to
approve
a
15.2
million
dollar
loan
to
be
used
for
the
revolving
loan
fund
for
the
affordable
trust
fund,
and
we
were
able
to
lock
that
rate
in
which
seemed
to
be
very
good
interest
rates
at
the
time
they
were
3.21
percent
and
we
are
now
looking
at.
This
is
a
draw
of
15.2
million.
D
At
that
time,
a
draw
for
7.1
million
was
undertaken
to
finance
the
aeon
project
and
the
remaining
amount
could
be
done
by,
for
was
there
for
other
projects
to
be
drawn,
so
we're
working
on
a
project
now
that
might
require
another
million
and
a
half
to
two
million
dollars.
So
we
started
investigating
rates
looking
at
the
best
way
to
finance
that
should
we
do
another
draw
and
it
raised
the
question
of.
D
Maybe
I'll
just
keep
and
are
the
slides?
I
don't
see
up
yet,
but
I
can
just
talk
through
it.
So
at
this
point
the
current
terms
again,
it's
a
15.2
million
dollar
bond
with
that
can
be
used
on
a
draw
basis
for
the
first
two
years,
we've
drawn
7.1
million
for
one
project.
D
Looking
at
another
million
into
two
there
are
some
of
the
conditions
of
the
loan
are
that
there,
if
any
unspent
proceeds
at
the
end
of
the
two
years,
there
would
be
a
one
percent
fee
for
that
and
if
we
called
the
bonds
this
early,
there
would
be
a
one
percent
fee
for
that
also,
so
we
had
to
factor
that
into
any
other
terms.
Looking
into
the
bond
market.
D
Thank
you.
I
do
see
that
so
I
just
went
through
the
current
terms.
On
the
left
hand,
side
on
the
right-hand
side
is
the
conversation
and
the
the
reset
that
they
are
willing
to
offer
it's
a
2.45
percent
rate
versus
a
3.21,
and
that
would
apply
not
just
originally.
We
were
talking
about
any
future
draws
not
to
the
one
already
outstanding,
but
they
changed
course
in
the
conversation
and
they've
agreed
to
apply
that
to
the
existing
draw,
as
well
as
any
future
draws.
D
So
we
did
a
comparison
of
what
that
looks
like-
and
this
includes
the
thirty
eight
thousand
five
hundred
dollar
fee
and
money
for
any
legal
class
related
to
this,
and
so
comparing
7.1
million
dollars
on
the
left-hand
side
at
3.21,
going
forward
for
the
rest
of
the
term
to
2.45
that
difference
translates
into
about
487
000.
D
If
we
look
at
the
entire
15.2
and
when
the
loan
was
taken
out,
there
were
certain
assumptions
about
where
the
entire,
when
the
timing
for
maybe
15.2
million
taken
out
over
the
whole
two-year
period,
would
be
drawn
using
that
same
schedule
and
assuming
the
3.2
percent
on
the
left
versus
2.45
and
the
right
hand
column.
The
difference
is
about
1.1
million
over
the
15
years
remaining,
and
so
I
think,
just
pausing
there.
D
The
the
internal
committee
looking
at
this
felt
that
for
the
remaining
15
years,
the
fact
that
the
fee
is
calculated
in
here.
This
is
a
tremendous
way
for
the
hra
to
accumulate
funds,
to
use
for
other
housing
projects
and
save
the
money
so
certainly
to
proceed.
D
D
And
so
this
slide
compares
the
outside
bond
market,
the
one
percent
penalty
of
leaving
old
national
bank
and
paying
that
towards
the
bonds
factoring
in
new
lower
rates
that
are
closer
to
1.7
percent
versus
2.45
without
the
penalty,
and
there
could
be
in
a
in
addition
to
the
1.1
million
of
savings,
another
245
thousand
dollars
in
play,
but
we're
not
recommending
that
additional
savings
and
the
next
slide.
We'll
just
talk
about
that.
I
think
the
committee
felt
strongly
about
this.
D
The
pro
of
taking
this
up
to
the
market
is
the
savings
obviously
of
245
000.
Instead
of
1.1
million
we
would
have
both
the
other
pro
is
the
tif
districts
that
are
pledged
to
this
last
for
25
years
we
have
a
15-year
repayment
with
old
national
bank,
that's
the
longest.
They
could
go,
so
we
could
do
that
lock
it
in.
D
Now
so
we
have
a
current
preliminary,
offering
statement,
that's
pretty
current,
so
we
did
think
that
we
could
consider
that
and
the
pro
is
that
you
know
it's
fixed
for
all
25
years
or
20
15
years,
and
that
rate
or
the
new
rate
that
we
would
get
2.45
either
way
or
the
rate
on
the
bonds
would
be
fixed
going
forward.
So
that's
still
a
plus,
but
it's
lower
than
321,
which
brings
in
more
interest
on
the
con
side.
D
You
would
have
to
start
paying
interest
on
the
entire
amount
or
give
up
this
capacity
that
you
could
use
to
draw
against,
and
you
lose
about
6.4
million
dollars
of
loan
capacity
that
you
could
access
quickly
because
you
just
paid
the
whole
thing
off.
It's
all
or
nothing
with
old
national
bank,
the
flexibility
that
we
have
with
the
new
projects.
D
So,
instead
of
the
additional
245,
the
committee
is
recommending
that
1.1
million
dollars
in
staying
with
old
national
bank
makes
the
most
sense
next
slide.
Please.
Thank
you.
The
other
piece
of
this
is
there's
an
election
coming
up.
I
think
we
all
know
about
that
and
what
happens
with
the
bond
market?
Sometimes
the
when
there
is
an
election
is
just
before
the
election.
There's
a
lot
of
unknowns
and
there's
can
be
volatility,
so
the
timing
is
really
important
on
this.
D
On
the
13th
we
discussed
the
possibility
of
the
reset,
with
the
hra
and
on
the
15th
was
the
earliest
date
that
old
national
bank
would
lock
in
a
rate
and
that's
when
they
confirmed
the
2.45
bond
council
has
been
working
with
the
bank
to
create
the
amendments
and
the
resolutions
to
the
loan,
along
with
the
resolutions
in
the
packet
this
evening.
D
This
evening,
the
joint
city
council,
of
course,
is
meeting
the.
The
hope
is
that
we
would
be
able
to
file
the
paperwork
on
the
27th
tomorrow,
with
the
signed
resolutions
and
at
the
very
latest
on
the
28th,
because
that
is
as
late
as
old
national
bank
will
hold
this
rate
in
light
of
the
upcoming
elections.
So
we've
been
moving
that
along
pretty
quickly
next
slide,
the
the
recommended
action
is
in
the
packet.
There
are
two
resolutions.
D
The
resolution
is
for
the
hra,
who
is
borrowing
money?
The
hra's
motion
is
to
reset
the
rate
to
change
the
interest
rate,
and
this
is
for
the
loan
that
they
pay
to
the
city.
The
city
borrows
from
old
national
bank
and
re-lends
it
to
the
hra.
So
this
would
lower
and
adjust
the
payments
that
the
hra
would
make
to
match
that
payment,
and
then
the
city
council's
resolution
would
amend
the
loan
documents
that
would
be
between
the
city
and
old
national
bank
to
also
reset
at
2.45.
D
and
with
that
I'm
happy
to
answer
any
questions
about
the
reset.
B
Thank
you
mayor,
just
a
quick
question:
is
it
possible
to
under
the
bond
scenario
carl
the
entire
15
million
dollars,
and
how
would
that
compare.
B
A
B
D
Tough,
I'm
trying
to
follow
protocol,
but,
mr
mayor,
mr
president,
the
we
did
look
at
that
recommendation.
What
you're
doing
is
borrowing
money
for
the
whole
15-2
that
you
may
or
may
not
use,
and
so
you're
paying
interest
in
about
half
the
loan
on
a
project
that
may
or
may
not
come
to
fruition.
D
The
other
piece
that
we
considered
is
in
the
the
loan
with
the
bank
you're
not
limited
to
15.2
you're
only
going
to
pay
interest
on
the
portion
that
is
drawn,
and
if
you
need
more
money
at
the
time
it
comes
up,
we
could
actually
do
a
second
loan
with
another
bank
partner
and
continue
to
to
do
the
project.
I
think
we
felt
to
borrow
15.2
when
we
really
only
know
that
we
that
half
of
it's
going
to
be
utilized
would
be
very
expensive.
F
Thank
you
terry
good
evening,
thanks
for
joining
us
terry
there,
there
was
some
additional
commitment
in
terms
of
pledges
to
secure
the
financing.
Do
they
stay
the
same
or
are
they
improved
with
the
refinance.
D
Mr
mayor,
the
the
pledges
would
all
stay
the
same.
The
main
change
is
that
when
you,
the
security,
is
the
tif
pledge
the
tiff
had
to
be
pledged,
so
the
tip
is
going
to
stay
the
same,
and
the
loan
is
what
the
loan
repayment
is.
What's
actually
repaying
the
loan,
so
that
you
can
keep
the
tip
so
because
the
loan
amount
will
be
less
that's
required
from
the
existing
loan.
D
You
may
actually
have
a
little
excess
there
that
can
go
to
be
added
to
the
program
that
savings
of
400
000
over
the
time
will
make
the
two
backup
plans
which
are
tiff
and
the
hra
levy
less
likely,
and
so
that
can
accumulate
to
help
fund
other
programs,
but
the
pledges
all
stay
in
the
same
order
and
we'll
actually
have
a
slide
later
on
in
the
second
part
of
this.
To
go
over
that
that
security
and
backup
plan
that
you
have.
E
Mayor
buzzy,
could
I
suggest
that
the
host
do
something
about
volume?
Both
council
members,
buloga
and
nelson
were
very
hard
for
me
to
hear.
I
know
about
others.
A
Commissioner
olson,
I
agree
and
I
think
we're
getting
a
lot
of
feedback
here
if
I
could
just
remind
everybody
to
make
sure
that
you
are
muted
if
you're,
not
speaking,
because
I
think
we're
getting
a
lot
of
feedback
and
a
lot
of
background
noise.
It's.
It
is
very
difficult
to
hear
if,
if
that's
going
on.
A
Mr
president,
any
questions
from
your
hra.
E
Pushed
the
wrong
unmute
button,
I
I
was
impressed
with
the
arguments
in
the
materials
that
we
received
and
that's
echoed
in
terms
of
the
presentation
from
terry,
so
I
I
certainly
would
be
in
support
of
this.
It
makes
a
lot
of
sense.
E
I
particularly
like
that.
The
idea
of
increasing
revenue
without
holding
our
hat
out
to
other
people.
B
Any
other
questions
or
comments.
If
not,
we
are
looking
for
a
motion
from
the
hra
on
item
2.1.
E
Olson,
thank
you.
I
move
that
we
that
the
housing
and
redevelopment
authority
adopts
a
resolution
of
proving
the
new
interest
rate
payable
to
the
city
of
bloomington,
amended
and
restated
taxable
general
obligation,
tax,
increment
revenue,
bonds,
series,
2,
0,
1,
9
c,
and
all
documents
necessary
to
carry
out
the
intentions
of
the
resolution.
B
Who
came
seconds,
we
have
a
motion
by
olson.
Second,
by
who
keem?
Could
we
get
the
roll
call
vote?
Please
for
the
hra.
B
F
I
A
And
somewhat
related
down
the
same
path:
item
2.2,
which
is
an
amended
and
restated
taxable
general
obligation;
tax,
increment
revenue,
bonds
on
the
adjusted
rate
of
the
affordable
housing
trust
fund
revolving
loan
fund.
Mrs
heaton.
A
There
you
are,
if
you
could?
Yes,
please
item
2.2
if
you
could
take
it
away,
please.
D
I
believe
that
sherry
shellquist
is
taking
over.
Oh,
my
god,.
H
Good
evening,
mayor,
chair,
thorson,
item
2.2
was
is
was
taken
together
with
item
2.1,
so
item
2.1
was
the
hra
motion
and
item
2.2
was
the
city
council
motion
which
have
both
now
been
passed?
Thank
you
we'd
like
to
then
move
to
item
2.3
and
our
community
development
director
heather
worthington
will
be
introducing
that
item.
A
C
Good
evening,
council
members
hre
commissioners,
thank
you
for
holding
this
work
session.
This
evening.
We
have
a
couple
of
things
we'd
like
to
go
over
with
you
that
are
basically
a
way
of
pulling
together
the
last
two
work
sessions
that
we've
held
with
you
around
the
affordable
housing,
trust
fund
and
the
oho,
and
then
also
talking
about
some
policy
changes
regarding
prioritizing
the
construction
of
affordable
housing
and
some
other
funding
priority
considerations.
C
So
this
evening
we
would
like
to
walk
you
through
that,
I'm
going
to
hand
it
off
to
sherry
shoquist
with
the
hra
to
walk
you
through
this.
This
discussion-
and
this
is
a
basically
a
quick
kind
of
synopsis
of
the
last
couple
of
meetings.
Then
we're
going
to
finish
with
a
discussion
around
some
policy
items
that
we'd
like
to
bring
back
to
you
at
some
of
your
next
meetings.
H
Thank
you
again,
sherry
shoquist
with
the
hra
mayor,
busey
and
chair
thorson,
I'm
going
to
do
a
very,
very
quick
review.
These
are
all
parts
slides
in
the
deck
from
our
last
joint
study
session
and
just
to
bring
all
of
our
minds
together
again
on
the
on
the
same
page.
H
So
our
funding
priorities
are
focused
on
affordable
housing,
new
construction
and
preservation
or
economic
development,
really
prioritizing
high
impact
areas,
high
quality
design,
catalyst
for
future
investment
and
return
on
investment,
setting
our
development
projects
up
in
kind
of
a
high
medium
and
low
categories
for
focusing
staff
time
and,
of
course,
public
assistance
resources.
H
We
also
want
to
build
more
market
rate
units
at
above
100
of
area
meeting
income
in
order
to
bring
bring
additional
investment
to
the
city
and
preservation
of
existing
naturally
affordable
occurring,
affordable
housing
units
and
long-term
affordability
in
the
city.
All
of
those
are
priorities
for
our
housing
development.
H
We
are
all
very
familiar
with
our
affordable
housing
trust
fund,
the
revolving
loan
fund
working
to
build
the
housing
stability
fund.
We
have
really
outperformed
in
the
60
ami
producing
nearly
double
the
number
of
60
units,
as
is
our
goal,
and
we
continue
to
need
market
rate
units,
50
ami
units
and,
most
importantly,
the
30
ami
units.
H
This
is
an
overview
of
many
of
the
different
strategies
that
we
have
considered
anywhere
from
tax
increment
financing,
using
hra
funds
for
a
line
of
credit
or
with
housing,
revenue
or
general
obligation,
bonds
to
create
the
affordable
housing
trust
fund.
Our
reload
welding
loan
fund
future
housing
stability
fund
working
to
bring
in
more
grant
funds
more
private
investment
on
the
the
grant
side,
as
well
as
investment
from
developers
and
financing
from
lenders.
H
The
areas
in
in
gold
are
our
opportunity:
housing
tools,
the
payment
in
lieu,
the
land
donation,
land
right
down,
and
the
incentives
all
also
bring
dollars
to
the
table
to
help
advance
our
affordable
housing
and
development
goals.
The
funding
challenges
remain
the
bloomington
market
rate
rents.
We
really
need
to
promote
those
those
market
rate
developments
that
bring
in
two
dollars
a
square
foot
in
rent
or
more
land
acquisition,
developable
land
density,
parking,
transit-oriented
development
and
locating
development
near
amenity
services.
Employment
in
schools
are
are
also
key.
H
Likewise,
another
rough
estimate
for
our
affordable
housing
funding
needed
is
about
10
million
dollars
per
year,
looking
at
209
units
at
50,
ami
408
units
at
30
percent,
ami
that
are
left
to
meet
our
met
council
goals
for
2030
and
also
increasing
housing
stability
services.
H
When,
when
we
serve
more
units
at
30
percent,
ami
or
less
the
traditional
funding
sources,
we
need
to
continue
to
utilize
to
our
maximum
capacity
public
funding,
like
trust,
funds
and
tiff,
and
tax
abatement
and
tax
credits,
grants
donations,
private
investment,
our
city,
bonding
authority
working
with
our
cdfis
and
affiliates
to
leverage
our
resources
and
then
working
with
the
lenders
of
fannie
and
freddie
fha,
our
partner
in
the
trust
fund
at
old,
national
bank
and
others.
D
Thank
you,
sherry.
This
should
also
look
familiar
to
you,
but
I
think
it
helps
to
walk
through
this
before
we
have
the
discussion
on
future
financing.
D
This
is
what
is
in
place,
and
so
the
the
earlier
we
talked
about
changing
this
loan,
the
15.2
million
dollar
loan
with
old
national
bank
to
a
lower
interest
rate
and
again,
the
flow
of
that
is
this
is
a
loan
to
the
city.
The
city
then
lends
it
to
the
hra,
through
its
revolving
loan
fund,
who
then
loans
it
to
one
of
these
developers.
D
So
far
we
have
one
developer
and
another
one
that
will
be
coming
back.
An
add-on
draw
for
a
project
we'll
be
talking
to
you
about.
This
was
a
seven
seven
point
one.
Actually
we
rounded
to
seven
loan.
The
red
line
is
the
loan
is
actually
on
this
one
repaying
it
to
the
hra
and
100
of
that
will
be.
It
will
cover
100
percent
of
the
loan
back
to
the
city
back
to
the
lender.
D
D
The
100
of
the
tif
revenue
would
then
go
into
this
tif
fund
and
it
would
remain
there
to
be
used
for
another
project
or,
to
the
extent
it's
available
and
can
be
qualified
it'll
go
into
the
pool
tiff
a
lot
of
times
as
the
10
or
20
percent
of
the
tiff
is
earmarked
that
it
can
be
shared
and
put
into
a
tiff
pool,
and
then
the
other
pledge
that
councilmember
beloga
brought
up
was
this
hra
levy.
D
This
whole
sequencing,
the
hrl
levy,
is
a
backstop,
so
only
if
the
lender
did
in
this
case
didn't
pay
the
loan
and
there
wasn't
any
tif
generated.
The
backstop,
then,
would
be
the
hra
levy
to
make
sure
that
the
city
didn't
have
to
ever
actually
do
a
geo
levy,
and
again
only
this
first
trigger
the
loan.
If
they
make
their
payment
on
time
would
be
needed.
D
The
part
that
we
want
to
talk
to
you
a
little
bit
more
about
is
getting
more
funding
to
grow
the
program
either
through
business
agreements,
grants
philanthropic
efforts
to
create
the
sustainability
fund
for
ongoing
programs,
the
so
with
that.
That's
just
a
little
background.
We're
going
to
start
talking
to
you
about
some
of
the
items
we
mentioned
at
the
last
meeting
and
just
give
you
a
little
more
information
to
talk
about
that.
So
next
slide.
Please.
A
A
And
actually
one
of
the
reasons
I
stopped
you
is
because
I
actually
do
have
a
question.
I
think
it's
back,
I
think
about
five
pages
with
the
the
total
affordable
housing
funding
needed
when
you
talk
about
the
top
25
noaa
preservation,
60
to
100
units
and
then
the
80
units
or
less
no
incentive
are
these.
A
H
Mayor
busey,
this
is
sheri
shulkwest
in
the
hra
there
are
top.
We
have
25
noaa
properties
that
we
have
identified
as
properties.
That
would
be
most
likely
to
be
acquired
by
an
investor
likely
not
from
the
twin
cities
area
and
those
are
the
most
likely
because
of
many
reasons,
the
the
properties
themselves,
the
location,
the
the
nearness
to
amenities.
H
We
will
keep
close
within
within
community
development,
but
we
are
working
across
our
noaa
preservation
teams
to
really
pay
attention
to
these
properties,
especially
now
you
know
with
the
potential
impacts
of
of
the
pandemic
and
and
missed
rental
payments,
and
then
there
are
some
some
properties
that
have
up
to
80
units,
but
don't
quite
fit
in
that
top
25,
and
you
know
once
again
to
just
remind
us
that
this
is
a
rough
estimate
of
of
how
much
it
would
cost
to
do.
H
You
know
to
do
absolutely
everything
on
the
list
if
it
were
necessary.
A
Thank
you.
So
we
have
a
top
25
list
and
then
we
have
the
second
list,
a
discrete
list
of
a
distinct
list
of
80
units,
a
list
of
buildings,
80
units
or
less
so
understood.
Now.
I
appreciate
that.
Thank
you
very
much.
D
Mr
mayor,
mr
chair
and
members
of
the
council
and
the
commission,
I'd
also
like
to
if
I
see
that
she
is
on
introduce
michaela
hewitt,
who
is
also
part
of
the
bakertilly
team
and
may
interject
or
be
here
for
questions
as
well.
And
I
don't
know
if
you,
if
your
picture's,
showing
up
michaela
or.
D
D
Okay,
so
moving
ahead,
other
financing
strategies
to
consider
we,
what
we're
doing
is
in
addition
to
the
the
loan
that
we
have.
That's
you
know
the
rent,
the
the
reimbursement
of
loans
to
the
developers,
in
addition
to
capturing
their
tif
and
having
the
levy
available,
we
weren't
looking
at
expanding
and
starting
to
work
on
other
things
that
will
help
make
housing
investment
more
appealing.
D
D
If
the
amount
was
15
million
most
recently
and
again,
to
increase
that,
because,
especially
with
koben,
we
see
that
that
the
need
will
be
greater
than
ever
and
so
to
make
sure
that
there's
enough
out
there
for
projects
in
bloomington
as
they
come
forward,
our
first
thought
is
to-
and
there
are
other
programs
as
well,
but
these
are
two
of
them,
the
most
commonly
used
ones
or
programs,
and
so
to
enhance
those.
As
a
first
suggestion
or
first
item
the
on
the
lower
part
of
the
page,
the
state
funding
for
all
communities.
D
This
would
be
asking
the
state
to
create
a
fund,
something
that
is
some
program
that
they
would
dedicate,
but
it
would
be
available
to
all
communities.
It
would
be
a
dedicated
tax
for
the
homeless
and
30
ami
qualifying
folks
and
for
projects,
and
it
would
also
could
have
an
affordable
housing
trust
match
that
we
could
utilize.
So
this
would
recognize
that
housing
is
a
statewide
issue.
It's
not
just
a
bloomington
issue.
D
Many
people
can
have
access
to
this,
and
so
we'd
have
many
people,
probably
throughout
the
metro,
also
encouraging
such
a
plan,
and
although
that's
the
pro
is
in
that
we've
done
pros
and
red
and
the
cons
are
sort
of
in
green
in
blue.
The
con
on
this
one
is
that
sometimes
bloomington
isn't
favored
by
a
system
such
as
this,
but
I
don't
know
that
bloomington
could
go
in
and
ask
for
state
funding
all
by
themselves
either.
A
G
Yeah,
I'm
sorry-
maybe
this
is
out
of
out
of
step
here,
but
I'm
seeing
on
this
one
on
this
particular.
G
But
I
think,
on
the
biggest
slide,
we're
talking
about
the
total,
affordable
housing
funding
need
and
approximately
10
million
dollars
per
year,
and
what
I
wanted
to
know
is:
does
this
amount
from
a
policy
perspective?
Does
that
include
if
we're
looking
at
you
know
ownership
models?
Would
that
include
that
amount
that
we
would
be
looking
at
for
them
just
from
a
policy
decision
making?
I
want
to
kind
of
try
to
look
at
the
whole
picture.
G
I
know
this
is
primarily
rental
that
we're
looking
at
right
now,
but
are
we
also,
including
in
that
total
amount,
the
the
amount
that
we
would
need
from
a
from
a
permanent
housing
kind
of
standpoint.
H
Mayor
busey,
council,
member
lowman,
the
opportunity
housing
ordinance
review
is,
is
mainly
focused
on
at
this
point
on
the
multi-family
rental
housing
side,
whether
it's
new
construction
or
preservation
with
that
said,
we
heard
you
and
other
members
of
the
council
loud
and
clear
about
the
need
to
have
further
discussion
about
homeownership,
especially
homeownership
equity
in
in
the
city
of
bloomington,
and
we
look
forward
to
coming
back
to
at
some
time
in
the
future
to
have
that
discussion
as
well,
but
the
10
million
numbers
thrown
out
there.
H
G
And
I
guess
the
reason
why
I
asked
that
question:
that's
that's
a
big
total
there,
and
so
you
know
if
we're
gonna,
do
this
home
ownership
or
ownership
model
condos,
and
that
kind
of
thing,
and
I
layer
that,
on
top
of
that,
you
know
from
a
policymaker's
perspective.
G
You
know
because
one
of
the
issues
that
I
run
into
with
this-
and
I
don't
need
an
answer
for
this
right
now-
that
the
problem
that
I'm
running
into
is
that
okay,
we
we
get
this
affordable
housing,
that's
rentally,
based
we
put
the
money
into
that
at
some
point:
there'll
be
a
period
where
we'll
need
to
renew
that
and
we'll
need
to
put
additional
funding
into
that
to
keep
it
preserved,
to
keep
it
going
on,
and
so
I'm
just
my
fear
is
that
we
won't
have
enough
money
to
ever
get
into
that
ownership
model
and
then
we're
really
going
to
be
turning
the
city
really
into
a
rental
kind
of
space.
G
H
Thank
you,
that's
an
important
point
and
we
will
meet
a
staff
and
and
respond
appropriately.
E
Yes,
I
just
like
to
comment
and
ask
a
question
the
way
the
presentation
happened
felt
to
me
like
these
would
be
requests
to
the
feds
and
to
the
state
of
minnesota,
and
if,
if
that's
in
fact
the
case
it,
it
might
be
pushing
for
some
of
these
types
of
supports
for
housing
at
both
levels,
which
begs
lobbying.
Can
you
comment
about
where
my
head
is
and
correct
me?
If
I
need
to
be.
A
Commissioner
olson,
are
you
asking?
Is
this
going
to
require
a
lobbying
effort
or
because
I
think
the
answer
to
that
is
yes,.
E
Okay
yeah,
so
there's
no,
there
we're
not
looking
at
particular
programs
that
are
in
either
development
or
are
already
stated
as
are
available,
and
maybe
the
question
is
going
to
terry.
I'm
not
sure.
E
I'm
basically
asking
what
what
action
are
we
being
looking
at
now?
This
is
a
discussion
item,
but
what
does
this
discussion
lead
to?
Does
that
and
you
mayor,
you
indicated
that,
yes,
we
do
need
to
do
some
lobbying
and
I
don't
know
if
we're
set
up
for
that
at
this
point,
or
we
need
to
be
pushing
for
that
in
our
discussion
tonight.
D
At
the
conclusion
of
all
these
topics,
sherry
will
summarize
with
what
we're
really
looking
for,
but
I
think
what
what
what's
hap,
what
this
is
a
discussion
to
share
what
we're
thinking
all
of
these
would
have
to
be
developed
and
brought
back
we're
looking
at
which
ones
do
you
want
us
to
further
explore
and
bring
back
to
you
for
approval
as
we
package
them
so
they're
in
concept.
D
Right
all.
D
Next
slide,
please,
the
other
strategy
is,
you
know,
more
support
to
seek
grants
from
national,
regional
state,
county
and
philanthropic
funds,
funding
sources
for
the
purposes
that
are
listed
below
noaa
preservation,
affordable
housing,
development,
30,
ami
rental
assistance
and
also
employer
employee
housing
assistance,
and
so
what
we're
saying
is
we'd
like
to
start
a
more
active
program
to
to
reach
out
to
other
sources
again,
not
bloomington,
specific
sources,
but
to
reach
out
and
apply
for
more
of
these
grants,
and
that
would
be
an
effort
from
staff
or
consultants
to
spend
the
time
to
to
be
more
aggressive
on
applying
for
these
funding
sources.
D
Next
slide
a
sales
tax
dedicated
to
affordable
housing.
This
is
this
would
be
a
sales
tax
that
could
be
specifically
to
the
city
of
bloomington
for
the
affordable
housing
program
in
bloomington,
or
it
could
be
done
in
conjunction
with
other
cities,
so
that
a
sales
tax
would
be
would
be
put
together.
But-
and
the
purpose
would
be
you
know-
or
the
pro
is
that
sometimes
when
people
are
seeking
a
sales
tax,
it's
for
certain
facilities
or
certain
maybe
roads
and
streets,
and
because
there's
such
a
high
need.
D
D
And
then
moving
into
investor
syndicate
champions
for
investment
opportunity
and
housing.
This
would
be
a
partnership
with
the
chamber
of
commerce,
and
so
the
reason
this
is
some
of
the
work
that
was
started
a
year
ago.
I
think
when,
when
eric
johnson
first
came
to
the
city
was
reaching
out
to
the
chamber
and
having
support
because
of
the
employment
base
that
bloomington
supports.
For
so
many
other
businesses
in
the
chamber
and
so
to
invest
in
the
community
is
important.
It's
a
big
concern
now
to
have
employees
in
the
future
and
the
other.
D
The
kind
of
it
is
right
now.
Many
of
these
businesses
are
just
trying
to
sustain
and
manage
it
during
the
pandemic,
and
so
that
will
be
their
first
concern,
but
as
everything
comes
back
and
they're
going
to
be
back
hoping
to
have
enough
employees,
so
they
can't
expand
and
they
can
develop
and
continue
to
go
and
have
the
workforce
implemented
to
to
be
there
in
the
labor
force
and
the
last
one
on
this
page
is
the
local
nonprofit
organization.
D
There
were
some
baby
steps
taken
to
investigate
this
a
while
back,
but
it
would
be
creating
a
an
opportunity
for
anybody
to
be
able
to
donate
through
a
fund
that
could
be
created
so
and
if
you
looked
up
places
to
donate
at
the
end
of
the
year
and
along
with
the
united
way
and
other
charities
and
so
forth,
there
would
be
a
fund
that
was
set
up
where
you
could
donate
towards
housing
in
bloomington,
and
so
so
just
start
that
investigate
it
and
see
how
that
can
be
done
and
then
also
the
kind
of
that
is
when
we
went
up
front.
D
It's
not
really
a
fee,
but
you
have
to
put
some
money
up
front
with
the
organizations
so
that
there's
an
actual
fund
and
then
again
the
other
kind
of
it
is
there's
other.
You
know
competing
opportunities
in
there.
So
how
successful
that
fund
would
be.
You
know
it
would
be
something
that
we'd
have
to
find
out
in
the
next
slide.
D
This
is
as
we
look
at
the
need
to
reach
out
in
some
of
the
numbers
that
sherry
showed
earlier
about
what
some
of
these
programs
are
going
to
cost
to
really
going
in
the
next
five
to
ten
years.
D
We
did
want
to
share
with
you
some
of
the
funding
in
place
really
just
within
the
last
year,
and
so
under
the
hra
bubble.
You
know
in
the
revolving
loan
fund,
with
the
savings
just
from
the
aeon
piece
will
have
490
000
at
the
end
of
this
is
a
15-year
look,
so,
although
tip
is
out
there
25
years,
there's
more
revenues
coming
in
later
on.
D
But
if
it
were
just
collected
for
15
years
net,
some
of
the
early
payments
that
are
being
used
for
for
cash
flow
in
the
beginning,
conservative
estimate
would
be
about
five
million
dollars
and
in
the
pool
tiff
fund
at
this
point
with
the
portion
of
these
tip
districts
that
are
pool
that
can
be
swept
in
there
there's
about
a
million
dollars
there.
D
H
So,
in
conclusion,
before
we
take
further
questions
and
discussion,
the
direction
that
we
are
looking
for
from
the
city
council
and
the
hra
commission
is
that
that
the
affordable
housing
trust
fund
policy
be
approved,
endorsing
our
funding
priority
considerations
for
funding
fifty
percent
and
thirty
percent
ami
targets,
as
well
as
the
priority
development
targets.
You
know
based
on
location
as
well
as
income
the
we
hope
to
bring
that
it
has
been
approved
by
the
hra.
H
We
may
make
a
couple
of
revisions
based
on
on
discussions.
We've
had
through
these
meetings
and
bring
that
back
to
both
the
hra
and
the
city
council
yet
this
year,
and
then
we
would
suggest
it
will
be
ongoing
for
us
to
explore
fully
explore
all
existing
and
new
funding
sources
for
affordable
housing,
development
and
preservation
in
the
city
and
continue
to
grow
the
15.2
million,
affordable
housing
trust
fund
to
meet
that
identified,
total
of
845
rental
housing
goals
and
also
note
that
exploring
existing
and
new
funding
sources
for
single-family
housing
development
is
not
precluded.
A
Thank
you
for
the
presentation.
Actually,
maybe
if
you
could
back
it
up
one
slide,
so
we
can
look
at
those
discussion
items
council,
member,
belogan,
councilmember
coulter.
I
didn't
see
who
had
their
hand
up
first.
So
why
don't
we
go
with
the
council,
member
colter
and
the
council
member
beloga,
and
then
I
see
council
member
carter.
I
Thank
you,
mr
mayor.
I
will
be
quick
just
to
clarify
one
clarifying
question:
the
state
resources
that
are
being
explored
would
that
include
state
housing,
bonds
and
and
housing,
infrastructure,
bonds
and
so
on.
I
I
I
know,
for
example,
in
the
most
recent
bonding
bill
that
was
passed,
there
was
a
pretty
significant
investment
in
affordable
housing
bonds.
So
I
guess
I'm
just
making
sure
that
we're
we're
sort
of
keeping
an
eye
out
for
for
as
many
different
resources,
whether
they're
directly
administered
by
the
city
or
not
as
many
resources
as
we
as
we
can
get.
H
Yes,
council,
member
coulter-
that
is
the
case
and
our
most
recent.
The
village
club,
new
construction
and
lindale
flats
are
both
taking
advantage
of
state
bonding
authority.
I
Excellent
good
good
good
just
wanted
to
make
sure
that
and
then
the
only
the
just
two
very
quick
comments.
I
know
closing
at
the
end
here.
I
I
understand
the
justification
for
meeting
market
rate
market
rate
rentals
in
in
terms
of
driving
down
rents.
I
I
I
guess
I'm
just
a
little
bit.
I
mean
this
is
an
affordable,
housing
trust
fund
and
I
get
a
little
bit
wary
of
using
the
resources
for
something
other
than
affordable
housing.
I
think
they're
they're.
If
we
need
you
know
additional
tools
and
and
resources
to
develop
market
rate
housing
that
that,
I
think,
should
be
a
different
conversation.
I
That's
just
sort
of
a
personal
opinion
of
mine
that
I
I
think,
if
we're
going
to
have
an
affordable
housing
trust
fund,
it
should
go
toward
affordable
housing
development
and
then
the
final
thing
I
would
say
is
you
know,
commissioner
olsen
referred
to
a
state
lobby
or
a
lobbying
effort
generally
earlier,
and
I
I
think
I
would
say
yes
and
I
think
we
we
can
and
should
be
aggressive.
I
I
think
we
know
that
the
affordable
housing
crisis
is
a
state
and
regional
and
nation
nationwide
issue,
and
so
I
I
would
just
encourage
staff
and
and
elected
officials
and
appointed
officials
to
to
you
know,
work
with
as
many
folks
as
we
can
to
be
aggressive
on
that
lobbying
effort,
and
I
would
even
go
so
far
as
to
say
you
know,
even
beyond
a
state,
affordable
housing
trust
fund
match.
I
think
we
should
be
encouraging
the
state
to
develop
its
own,
affordable
housing
trust
fund.
F
Thank
you,
mr
mayor.
In
sheri's
presentation
she
did
a
great
job
of
presenting
where
bloomington
is
on
affordable
housing
compared
to
its
goals.
F
To
put
this
into
context,
I
would
like
to
see
where
our
neighboring
communities
are
against
their
met.
Console
goals,
and
the
reason
for
it
is
is
that
the
affordable,
the
opportunity
housing
ordinance
has
been
extremely
effective
in
driving
development
to
our
community,
but
I
think
we're
a
sense
for
early
in
the
10-year
goal
and
we've
the
60
ami
were
virtually.
F
There
need
to
do
more
work
on
some
of
the
others,
but
really
we
cannot
make
the
city
of
bloomington
the
affordable
housing
capital
of
the
metro
area,
and
I
have
concerns
that
with
the
success
we're
seeing
after
one
year's
worth
of
one
year's
worth
of
activity,
since
it
was
introduced
that
we
could
easily
get
that
and
there's
just
a
lot
of
implications
with
that,
we
certainly
want
to
meet
the
needs
of
our
city's
residents,
but
everybody
has
to
participate
in
that
and
until
I
have
a
sense
of
where
other
communities
are
in
achieving
their
goals.
F
F
I
think,
additionally,
at
the
previous
meeting,
a
request
was
made
to
provide
us
an
overview
of
where
we
are
on
our
tiff
allocations
and
I'm
still
waiting
to
see
that
so
could
someone
address
where
that
presentation
is
and
the
collection
of
that
data.
H
Thank
you.
Thank
you,
council
member
loga,
the
yes,
the
tiff
allocation.
We,
the
hra
community
development
and
finance
department,
have
been
working
closely
to
identify
that
we
do
have
that
information
nearly
ready
to
present,
including
the
tif
expenditures.
H
To
date,
what
our
potential
is
from
either
an
hra,
a
port
authority
or
a
city
capacity,
and
you
know
how
how
that
compares
with
the
projects
we
have
in
the
pipeline
and
whether
or
not
those
projects
would
would
remain
a
priority.
H
H
We
also
have
reached
out
to
other
cities
in
the
metro
area,
especially
the
cities
that
have
been
more
proactive
in
in
the
financing
and
development
of
affordable
and
mixed
income,
housing,
primarily
richfield
edina,
st
louis
park,
minnetonka
and
and
brooklyn
center.
H
H
Many
of
those
projects
are
so
that
is
a
discussion,
information
and
discussion
that
we
look
forward
to
to
bringing
back
to
both
of
the
city
council
and
the
hra
as
we
continue
to
have
these
ongoing
discussions.
F
Sherry,
that's
that's
great,
but
my
request
was
more
for
our
neighboring
communities
and
I
did
not
hear
eden,
prairie
or
edina
in
that
nor
burnsville.
I
did
hear
richfield,
which
is
of
course
one
of
our
neighbors.
H
Edina
is
also
one
of
those
cities.
That's
been
very
proactive,
eden,
prairie
and
burnsville
less
so,
but
I
could
we
can
reach
out
to
them
as
well.
F
That
would
be
great,
so
one
of
my
dreams,
along
the
way
here
is,
is
that
just
as
we
have
the
affordable
housing
trust
fund
is
that
we
have
a
homeownership
trust
fund,
and
I
think
you've
heard
me
talk
about
that
in
the
past
and
leveraging
some
of
our
tips
for
that
kind
of
thing,
similar
to
what
we
did
for
the
the
current
affordable
housing
trust
fund.
F
F
It
is,
and
it
started
in
the
housing
crisis
back
in
2008
when
a
large
number
of
homes
that
were
foreclosed
on
went
into
rental,
and
then
we
have
the
increase
and
it's
a
pretty
steep
climb
in
the
number
of
multi-family
housing
units
that
have
been
built
in
the
last
several
years.
So
we
need
to
look
at
how
we
can
keep
the
and
and
adjust
that
ratio
of
home
ownership
to
non-ownership
in
our
city.
J
Thank
you
mayor,
so
just
a
couple
of
things,
so
you
brought
up
the
idea
for
approaching
or
or
lobbying
for
a
dedicated
tax
at
the
state
level,
but
then
also
made
the
comment
that
it
would
be
hard
for
bloomington
to
be,
for
whatever
reasons
competitive
for
those
resources.
J
So
my
preference
would
be
that
we
have
a
better
understanding
of
everything
that
was
passed
this
year
in
terms
of
supporting
affordable
housing
development
at
the
state,
as
councilmember
culture
mentioned,
and
then
also
kind
of
what
are
the
variety
of
options
that
we
could
look
at.
I
would
just
not
be
super
excited
about
pushing
for
a
state
tax
that
we
wouldn't
even
maybe
qualify
for
be
competitive
for
in
a
grant
application
when
we
could
do
the
same
thing
at
the
local
level
and
and
and
have
that
money
benefiting
our
city
for
sure.
J
So
that
would
be
a
comment
about
the
policy
piece.
The
state
policy
piece
then
a
question
so
for
the
two
million
in
supportive
services.
J
So
I
understand
what
that
means,
but
I'm
curious
if
the
city
has
like
what
would
our
role
in
that
be
like
would
be,
and
maybe
and
I'm
not
I'm
just
not
aware
if
we've
done
that
in
the
past,
so
would
we
be
funding
like
contracting
with
an
entity
that
would
then
provide
that
supportive
services
would
be.
What
would
that
look
like
if
you
could
just
kind
of
play
that
out
for
me.
H
H
Units
affordable
at
30
of
area
median
income
in
you
know,
make
those
available
it's.
It
makes
sense
that
that
services
would
go
hand
in
hand
to
continue
to
to
keep
those
properties
stabilized.
H
Some
of
the
funding
already
exists
at
at
the
state
level,
and-
and
some
of
it
would
be
something
that
we
may
find
would
be
a
need
that
would
be
specific
to
bloomington
whether
it
was
increased
with
whatever
type
of
increased
services
those
may
be.
So
that
is
an
overview
and
something
that
would
be
determined
as
we
go
down
the
road
of
providing
30
ami
units
towards
that
goal.
J
J
I
know
like
public
health
has
some
different
projects
with
some
apartment
buildings
in
the
city,
but
I
so
I
guess
I'm
just
trying
to
get
clarity
of
like.
Is
this
a
new
role
for
us
as
a
city?
Would
this
be
a
new
role
for
our
public
health
department?
But
maybe
this
is
just
at
this
point.
It's
still
in
kind
of
like
ideation
phase
and
we're
just
not
it's.
H
Ideation
phase
council
member
carter-
and
I
also
believe
that
a
lot
of
the
service
and
supports
would
come
on
the
development
side
as
well.
So
you
know
a
a
non-profit
organization
would
be
more
adept
at
providing
the
services,
and
you
know
to
date,
the
majority
of
the
service
funding.
H
J
And
I
know
we
are
like
super
we're
over
on
time
now.
So
my
last,
very,
very
brief
comment
will
be
that
I
am
you
know,
100
supportive
of
us
moving
forward
meeting
our
goals
around
affordable
housing,
and
I'm
also
really
really.
I
really
want
to
see
us
working
on
the
homeownership
issue
too,
specifically
addressing
the
gap
in
homeownership.
J
We
see
between
you
know,
people,
people
of
our
neighbor
or
people
who
are
looking
to
move
into
bloomington
and
have
home
ownership
opportunities
in
bloomington
and
the
gap
that
we
see
between
our
them
and
our
by
pac
neighbors.
So.
E
Commissioner
olsen,
thank
you.
Thank
you
in
terms
of
supportive
services,
I
I
think
there's
a
lot
of
need
to
figure
out
just
what
those
are
we've
been
talking
pretty
vaguely.
I
will
say
that
that
there
were
some
actions
taken
by
the
city
to
to
support
people
who
are
renting
in
multi-family
dwellings
when
the
property
is
sold
out
from
under
them
and
in
terms
of
setting
up
notifications
requirement
and
some
other
things
like
that.
A
A
I
think
that's
absolutely
important
and
agreeing
that
I'm
I'm
a
proud,
I'm
proud
that
bloomington
has
aggressively
and
creatively
work
to
meet
its
responsibilities
in
regard
to
the
met
council,
housing
goals
and
and
the
the
the
numbers
that
have
been
set,
and
I
want
to
make
sure
that
other
communities
around
us
also
step
up
to
their
responsibility
and
do
so
as
well.
I'm
proud
and
I'm
happy
that
bloomington
is
doing
so.
A
I
want
to
see,
want
to
see
us
continue
our
leadership
and
make
sure
that
the
communities
in
our
in
our
neighborhood
do
their
part
as
well
council,
any
additional
questions
or
members
of
the
hra.
Any
questions.
A
If
not,
staff
is
looking
for
direction.
Approving
the
a
housing
trust
fund
policy
and
two
important
pieces
of
the
endorsing
the
funding
priority
considerations
and
those
are
in
the
packet
about
affordable
housing
or
economic
development,
building
in
high
impact
areas,
high
quality
design,
catalyst
for
future
investment,
return
on
investment
and
prioritizing,
and
then,
of
course,
pursuing
priority
target
developments
which
are
not
only
meeting
income
levels
but
also
locations
that
make
sense
to
to
pursue
this
type
of
thing.
H
Mayor
not
at
this
time
the
affordable,
housing
trust
fund
policy
would
come
to
the
city
council
separately
on
its
own
and
may
or
may
not
need
to
also
go
to
the
hra.
It
was
approved
by
the
hra
last
december.
A
Very
good,
so
as
this
all
moves
forward
council,
if
we
can
get
nodding
approval
to
this
and
we'll
see
it
later,
I
think
it
strikes
me
that
we're
heading
in
the
right
direction,
based
on
some
of
the
comments
that
you've
heard,
obviously
about
home
ownership
and
and
engaging
our
neighbors
in
this
as
well.
But
I
think
we're
headed
in
the
right
direction
and
unless
others
have
comments
on
that.
A
Why
don't
we
if
you
would
go
ahead
and
move
for
adjournment
and
then
we'll
move
the
city
council
and
then
take
a
quick
two
minutes
and
go
back
into
our
study
session.
B
Very
well,
we
have
a
motion
to
adjourn
from
the
hra.
E
Mr
olsen
makes
that
motion.
B
A
A
Motion
carries
7-0.
We
are
officially
adjourned.
Why
don't?
We
take
two
minutes
to
get
reset
here
and
we
will
reconvene
the
city
council
study
session
at
in
just
a
couple
of
minutes
about
7,
16
or
7
17..
If
you
all
just
want
to
stand
by
we'll
get
reset
here-
and
we
will
reconvene
here
in
just
a
couple
of.