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Historic Preservation Commission <br />Meeting Minutes <br />January 14, 2018 <br />Page3of6 <br />Thomas stated that it seemed reasonable to discount that rate by a percentage point for <br />the fund renewal, but they did not have that option in this case. He suggested that they <br />might be able to make a specific rate recommendation for Council to approve. <br />Haley added that it felt strange for the Commission to decide a specific percentage rate, <br />but she felt the fund percentage should be competitive so that people would come to the <br />City for loans. <br />Klemme asked for clarification on the prime rate percentage issue. <br />Haley responded that the current resolution was written as prime, but last month the <br />Commission had discussed other options to change the resolution itself. <br />Klemme stated that the rate should be competitive. <br />Dunlap noted that the issues of changing the resolution and considering the application <br />at hand were different issues. <br />Ulm asked if the Commission was tied to what was already written. <br />Selvoski replied that the Commission could make a different recommendation based on <br />extraordinary circumstances or some similar language. <br />Thomas suggested going with the percentage rate as written. <br />Haley noted that if the Commission later went with a different, higher rate for the fund <br />renewal, it might seem like the Commission was being subjective and unfair. <br />Thomas and Ulm asked if the applicant could appeal or refinance later on if the policy <br />changed to a lower rate. <br />Zuccaro stated that there might be opportunities for refinancing if the City changes its <br />policy significantly, but he was not sure if there would be fees attached or if it would be <br />possible. <br />Ulm asked if the applicant knew the circumstances as they stand. <br />Zuccaro and Selvoski confirmed. <br />Ulm noted that he thought the criterion to look for other funding options should be <br />rigorous from the applicant in the future. There were other options besides the City for <br />preservation funding, especially for bigger loan requests. <br />Dunlap asked if anyone knew the prime rate for a residential loan like this. <br />