Laserfiche WebLink
CITY OF ELK RIVER, MINNESOTA <br />PROGRAM FOR A <br />MULTIFAMILY HOUSING DEVELOPMENT <br />Pursuant to Minnesota Statutes, Chapter 462C (the "Act"), the City of Elk River, <br />Minnesota (the "City's is authorized to develop and administer programs to finance the <br />acquisition and construction of multifamily housing developments under the circumstances and <br />i within the limitations set forth in the Act. Minnesota Statutes, Section 46X.07 provides that <br />~ such programs for multifamily housing developments maybe financed by revenue bonds issued <br />by the City. <br />The City has received a proposal that it approve a program providing for the acquisition <br />and substantial renovation of a 68-unit multifamily rental apartment development and facilities <br />functionally related and subordinate thereto (the "Project's located at 1105 Lions Park Drive in <br />the City, by Elk River Leased Housing Associates III, Limited Partnership, a Minnesota limited <br />partnership, or an affiliated entity (the "Borrower"). The acquisition and substantial renovation <br />of the Project is to be funded through the issuance of up to $7,000,000 in aggregate principal <br />amount of revenue bonds to be issued by the City, in one or more series (the "Bonds"). The <br />Borrower will own and operate the Project as a multifamily residential rental project with 40% of <br />the units set-aside for persons or families with 60% or less of median area income, adjusted for <br />family size. The Project will be acquired and renovated in accordance with the requirements of <br />Subdivisions 1 and 2 of Section 46X.05 of the Act. The unit mix and expected initial rents for <br />the units in the Project are as follows: <br />Unit. Type Number of Units Initial Rent <br />Studio 1 $525 <br />One Bedroom 16 $695 <br />Two Bedroom 34 $780 <br />Three Bedroom 17 $880 <br />Section A. Definitions. The following terms used in this Program shall have the <br />following meanings, respectively: <br />"Act" shall mean Minnesota Statutes,. Section 46X.01, et seq., as currently in effect and <br />as the same maybe from time to time amended. <br />`Bonds" shall mean the revenue bonds to be issued by the City to finance this Program. <br />`Borrower" shall mean Elk River Leased Housing Associates III, Limited Partnership, a <br />Minnesota limited partnership, and its affiliates and assigns. <br />"City" shall mean the City of Elk River, Minnesota. <br />"Code" shall mean the Internal Revenue Code of 1986, as amended. <br />-1- <br />