FAIRMONT – Multiple housing possibilities were discussed at Monday’s Housing and Redevelopment Authority (HRA) meeting.

HRA Executive Director Gail Diede said for building on the Jameson Circle land on Fairlakes Road past the Fairmont Evangelical Covenant Church, she has heard some talk and concerns.

“I talked to one of the other people who read [for this area],” she said. “Their concerns about if they build, what kind of rent they would have to charge if they built on their own to cover the mortgage. Then again, he’s going to wait and see what happens with this new housing study, too.”

The potential to bond on their own was also under consideration. Diede said they don’t have a full board this month or next month, so they will need to wait until November to decide how to invest their time moving forward.

City Council Member Randy Lubenow asked about the profitability of a housing venture at this juncture. Diede said they’re not looking to make a profit, but to maintain and pay the bond off.

“If they build it on their own, the investor, they’re going to want to make a profit,” Lubenow said. “We bond for the whole cost?”

Diede clarified that the investor hasn’t asked for them to bond. Bonding would only happen if they built on their own as an HRA. HRA Commissioner Ron Kopischke said if they wanted to bond, for the full cost or not, they still have to demonstrate a cash flow that works.

“We’d be working with bond attorneys, bond dealers,” he said. “They’ve got to underwrite these. Somebody’s got to buy them, right? It’s got to work on paper.”

Bonding for the full amount would be $10 million. Lubenow asked how much one of these twin or townhomes would cost. Diede said the last build they did at North Park was $294,000 a side.

The cost of the build and the rent they or the builder will be able to charge were both what Lubenow said would be critical, adding that going over $2,000 would be unrealistic for Fairmont. Kopischke said they will need to wait for the housing study.

“We can all speculate on our bits and information,” he said. “Housing study should say there’s X amount that can pay $2,000, X amount that can only pay $1,000, X amount that can pay $500 will be potentially subsidized homes.”

In addition to these potential builds, Diede came forward with the possibility of one of the White Tail Ridge duplexes being sold to the HRA. They are completed, so Diede wanted to gauge interest in doing a walkthrough. Kopischke threw his hat in the ring.

“I think we should look at it and hear them,” he said. “I’d like to walk through it, see what’s there. I’d like to understand how much square footage and what that actually looks like.”

HRA Commissioner Clare Mosloski said it would probably be worth just getting the information and seeing what they have to offer.

“We can go from there,” she said. “Figure out how much we’d have to charge to rent out a place like that. It would definitely be more than $2,000 a month.”

In other news:

— The HRA was awarded a grant for $1.95 million to replace sewer lines, sidewalks and patios at Friendship Village. Lubenow asked if sewer lines were the top priority, to which Diede replied that it was the main reason they applied. The grant will cover every unit, and the sewer lines will be replaced from the inside to minimize tearing up.

— The HRA set its Annual Contributions Contract capital funds for 2026 at $272,900. Diede said the work had been completed back in July, and she was able to get everything in so they could now look over their capital funds and approve it.