11-22-1999 CC MIN - Laserfiche WebLink

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Elk River City Council Minutes November 22,1999 Page 2 e 4.1. Public Hearina to Consider a Resolution Allowina Developer Access to the State Tax Exempt Bondina Proaram Director of Economic Development Paul Steinman noted that the city has received a request from West Suburban Housing Partners II Limited Partnership to pass a resolution allowing the developer to access a pool of tax exempt funds through the State of Minnesota in order to purchase and rehabilitate multi-family housing units in the city of Elk River. Paul explained that the city has no liability in connection with the sale or repayment of the bonds. He noted that the developer is requesting the use of the bonds for the purchase of Elk Ridge Estates, located at 11755 191 V2 Avenue NW, and Oak Crest Apartments at 300/340/380 3rd Street NW. He indicated that the developer estimates the principal amount of the revenue bonds to be $4 million. Paul Steinman also noted that the city is recommending a fee of V2 of 1 percent of the total amount of the bonds and suggested that this fee be deposited to the development account. Paul Steinman recommended that the council authorize staff to draft a policy for this type of application process. Mayor Klinzing opened the public hearing. There being no one for or against the matter, Mayor Klinzing closed the public hearing. Todd Urness of Winthrop and Weinstine was present to answer questions by the council . e COUNCILMEMBER DIETZ MOVED TO ADOPT RESOLUTION 99-91 RECITING A PROPOSAL FOR MULTIFAMILY HOUSING DEVELOPMENT PROJECT, TAKING OFFICIAL ACTION WITH RESPECT THERETO, AND INDICATING PRELIMINARY INTENT TO ASSIST THE FINANCING OF THE PROJECT PURSUANT TO MINNESOTA STATUTE CHAPTER 462C AND FURTHER TO INCLUDE A PAYMENT OF AN ADMINISTRATION FEE TO THE CITY OF ELK RIVER EQUAL TO Y2 OF 1 PERCENT OF THE BOND ISSUE. COUNCILMEMBER THOMPSON SECONDED THE MOTION. THE MOTION CARRIED 5-0. COUNCILMEMBER THOMPSON MOVED TO DIRECT STAFF TO PROCEED WITH DRAFTING A POLICY WITH REGARD TO THESE TYPES OF APPLICATIONS/REQUESTS AND TO BRING THE POLICY BEFORE THE CITY COUNCIL FOR FURTHER CONSIDERATION. COUNCILMEMBER MOTIN SECONDED THE MOTION. THE MOTION CARRIED 5-0. 4.2. Plannina Commission Interviews Director of Planning Michele McPherson indicated that the city received five applications for the Planning Commission. She noted that one applicant lived outside of the city limits and, therefore, would not be considered for the position. She also noted that two of the remaining four applicants were unable to be interviewed this evening. The City Council interviewed Franz Weckauff and John Morphew. The City Council indicated it would interview the other two applicants some time in December. No appointments were made at this time. The Mayor recessed the meeting at 7:47 p.m. and reconvened at 7:52 p.m. 4.3. Conditional Use Permit Amendment by Camas Minnesota, Inc" Case No. CU 99-29 e Building and Zoning Administrator Steve Rohlf explained that Camas Minnesota, Inc. is requesting an amendment to their existing conditional use permit to extend