Laserfiche WebLink
<br />rei ---'\) <br />( ); <br />~l}{ <br /> <br /> <br />Item #4.1. <br /> <br />River <br /> <br />MEMORANDUM <br /> <br />TO: <br /> <br />Mayor & City Council <br /> <br />FROM: <br /> <br />Paul T. Steinman, Director ~nomic <br />Development . r u <br /> <br />November 22,1999 <br /> <br />DATE: <br /> <br />SUBJECT: <br /> <br />Resolution Reciting a Proposal for a <br />Multifamily Housing Development <br />Project, Taking Official Action with <br />Respect Thereto, and Indicating <br />Preliminary Intent to Assist the <br />Financing of the Project Pursuant to <br />Minnesota Statutes, Chapter 462C <br /> <br />. <br /> <br />Issue <br /> <br />The City Council is being asked to consider a resolution allowing a developer <br />to access a pool of tax-exempt funds through the State of Minnesota to <br />purchase multifamily housing units in the city of Elk River. The city has no <br />liability in connection with the sale or repayment of the bonds. <br /> <br />Background <br /> <br />City staff was contacted by the developer to request the council to pass a <br />resolution allowing the developer access to tax-exempt financing through the <br />State of Minnesota to purchase two multifamily housing buildings located in <br />Elk River as follows: <br /> <br />· 18 unit housing facility - Elk Ridge Estates - 11755 191-1/2 NW <br />Avenue <br />· 54 unit housing facility - Oak Crest Apartments - 300/340/380 3rd <br />Street NW <br /> <br />The developer estimates the principal amount of the revenue bonds to be <br />issued is $4 million. <br /> <br />. <br /> <br />13065 Orono Parkway. P.O. Box 490. Elk River, MN 55330. TDD & Phone: (612) 441-7420. Fax: (612) 441-7425 <br />