4.1. SR 11-22-1999 - Laserfiche WebLink

Home Browse Search

. This type of request is fairly standard in that it is one of the only ways developers are able to access tax-exempt funds for this purpose. As indicated in the attached letter, Minnesota allocates approximately $20 million of its total bonding authority to the multifamily housing pool each year. These funds are only accessed on a competitive basis beginning the first Tuesday of each calendar year. As is typical in other cities where such requests are more common, city staff is recommending a fee oflh of 1 percent of the total amount of the bonds. It is also recommended that staffbe authorized to bring forward for council consideration, a draft policy for this type of application process. The lh percent fee will generate approximately $20,000 and staff recommends that amount be deposited to the development account as is provided for within the development account policy and so that these funds can be made available for future development activities. Attached to this memo is a letter from Todd Urness, Winthrop and Weinstine, describing the request and overall process. Mr. Urness and counsel will be available at the City Council meeting to address questions or comments by the City Council. . Also attached are the following documents: · Notice of Public Hearing - published on Wednesday, November 3, 1999 · Resolution and Supporting Information Recommendation Staff recommends the council hold a public hearing to consider comments on a proposal for issuance of multifamily housing development revenue bonds, approve Resolution 99-_, in consideration of payment of an administrative fee to the City of Elk River equal to lh of 1 percent of the bond issue. Staff will proceed to draft a policy with regard to these types of applications/requests and bring such policy to the City Council for further consideration. .