#2 Minutes CDA January 21 2009
Minutes of the Janesville Community Development Authority
Regular Meeting
January 21, 2009
Present: Chairperson Jana Vegge, Vice-Chairperson Michael Bachmeyer, CDA Members: George Fenn,
Sylvia Moore, Duke Ellingson, Russ Steeber.
Absent: CDA Member Yuri Rashkin.
Also Present: City Staff: Jennifer Petruzzello, Carrie Clark, Randy Zwieg. Gideon Ngobi, K Andreah Briarmoon,
Mark Fuller, Billy McCoy
The regular meeting of the Janesville Community Development Authority was called to order by Chairperson
Jana Vegge at 5:30 p.m.
The minutes of the November 19, 2008 regular meeting and November 19, 2008 Closed Session Meeting were
approved by consent.
Under questions and Comments from the Public on Matters Not on the Agenda, several members of the general
public appeared to speak on the status of the Case Feed Building located at .
th
Mr. Gideon Ngobi, Fourth (4) Ward property owner, appeared before the Authority to express his interest in
the Case Feed Building and a desire to work with City staff to refurbish it. He indicated that a structural
examination of the building was to be performed. He also indicted that the warehouse side of the building
would be ideal for a community group.
K Andreah Briarmoon, 339 S Locust appeared before the Authority as the listing agent of the Case Feed Building.
She indicated that she has held a number of open houses for the building and that the group is not asking the
City for purchase money but rather approximately Two to Three hundred thousand dollars to rehabilitate the
property to then offer rent-free to community-support type organizations. She said she believes the building is
viable and structurally sound.
Billy McCoy, 1326 Putnam Ave, appeared before the Authority to also express an interest in maintaining the
Case Feed Building for tax purposes and as a historical monument.
Mark Fuller, 320 E Holmes, appeared before the Authority to express an interest in the building as a future
tenant. Hs has in interest in opening a computer and tutoring lab.
Under Agenda Item 4, Clark presented the Fourth Quarter Collections Report. At the end of the Fourth Quarter,
approximately $4.08 million in loans were outstanding and seventh-five percent (75%) of those clients making a
payment, were making them on-time, as agreed.
Under the Neighborhood Services Director’s Report, Petruzzello indicated that the City submitted a grant
application to the Neighborhood Stabilization Program and would be awaiting a funding notification.
Under Matters Not on the Agenda Petruzzello indicated that a policy request to the CDA would be forthcoming
regarding subordination requests. Our current subordination policy under the Down Payment Program allows
for refinancing first-mortgage debt if the loan-to-value remains at or below ninety-five percent (95%). Staff has
recently received numerous requests from Down Payment Program participants where they have requested
that we subordinate to a new first mortgage and the resulting debt-to-income ratio exceeds 95%. These
participants are in the first year of homeownership and are able to take advantage of significantly lower interest
rates than initially offered. Any new debt added to the loan consists of closing costs only. Petruzzello indicated
that the timing of the current requests did not coincide with the timing of the current agenda and these
individuals would most likely lose out on these more favorable rates if they had to wait for a CDA decision in
February.
Steeber suggested that the CDA grant staff administrative authority to approve the current requests in light of
the timing and reasonableness of the requests. He further motioned, seconded by Bachmeyer to give staff
administrative authority to grant the current subordination requests. The motion passed unanimously.
There being no further business, Steeber motioned, seconded by Ellingson to adjourn the meeting into closed
session at approximately 6 p.m. Motioned passed unanimously.
These minutes are not official until approved by the Community Development Authority.
Submitted by: Carrie Clark, Housing Financial & Rehabilitation Specialist