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<br />Paul T. Steinman <br />Director of Economic Development <br />City of Elk River <br />13065 Orono Parkway <br />Elk River, MN 55330 <br /> <br />SHERMAN WlNTIlROP <br />ETR. WEINSTINE <br />A. HOEL <br />GER D. GORDON <br />STEVEN C. TOUREK <br />STEPHEN J. SNYDER <br />MARVIN C. INGBER <br />HART KULLER <br />DAVID P. PEARSON <br />THOMAS M. HART IV <br />DARRON C. KNUTSON <br />JOHN A. KNAPP <br />K. CRAIG W1LDFANG <br />MICHELE D. VAILLANCOURT <br />DAVID E. MORAN, JR. <br />DONALD J. BROWN <br />JON 1. HOGANSON <br />SANDRA J. MARTIN <br />TODD B. URNESS <br />TIMOTHY M. BARNETT <br /> <br />. <br /> <br />Re: <br /> <br />Dear Paul: <br /> <br />WINTHROP & WEINSTINE <br /> <br />A PROFESSIONAL ASSOCIATION <br /> <br />SCOTT J. DONGOSKE <br />PETER J. GLEEREL <br />EDWARD J. DRENTTEL <br />JEFFREY R. ANSEL <br />LAURIE A. KNOCKE <br />LLOYD W. GROOMS <br />MARK T. JOHNSON <br />BROOKS F. POLEY <br />THOMAS H. BOYD <br />DANIEL C. BECK <br />ERIC J. NYSTROM <br />JOANNE L. MATZEN <br />PATRICK W. WEBER <br />PAUL W. MARKWARDT <br />CRAIG A. BRANDT <br />JAMES W. DIERKING <br />THERESE M. MARSO <br />MEUSSA A. GRANT <br />CHRISTOPHER W. MADEL <br />JEFFREY L. LECLERC <br /> <br />Attorneys and Counselors at Law <br /> <br />THOMAS A. WALKER <br />SUZANNE M. SPELLACY <br />TREVOR V. GUNDERSON <br />JOHN C. HOLPER <br />M. CATHERINE POWELL <br />STEVEN E. UHR <br />TIFFANY A. BLOFIELD <br />ANDREW D. PUGH <br />RYAN K. CRAYNE <br />BETH GERSTEIN TIMM <br />JULIE A. Sn.VERMAN <br />LAURA A. PFEIFFER <br />CRAIG S. KRUMMEN <br />CELESTE J. TAYLOR <br />ANN DUNN WESSBERG <br />MARK R. PRJVRATSKY <br />PHlUP R.MAHOWALD <br />NORMAN L. JONES ill <br />KARL E. ROBINSON <br />JONATHAN W.J. ARMOUR <br /> <br />DANIEL S. SCHLECK <br />JOHN C. EKMAN <br />CHARLES 1. SCHOENWETTER <br />KAITLIN A. HALLETT <br />ANDREW C. TRIGGS <br />JOSEPH P. ROGERS <br />JASON L. BROWN <br />JULIE ANN FISHEL <br />INGRID N. NYBERG <br />DARRELL E. GRAHAM <br />ANN E. WAlJ'ERS <br /> <br />JOSEPH S. FRIEDBERG <br />of Counsel <br /> <br /> <br />In connection with the City Council's public hearing for the issuance of bonds for West Suburban <br />Housing Partners II Limited Partnership regarding the acquisition and rehabilitation of certain <br />apartment complexes located in Elk River Minnesota, you have asked us to provide a short <br />explanation as to the basis for our request. That is, you have asked us to provide you with an <br />explanation as to why the City Council's action requited to make this financing available to us. <br /> <br />3200 Minnesota World Trade Center <br />30 East Seventh Street <br />Saint Paul. Minnesota 55101 <br />Telephone (651) 290-8400 <br />Fax (651) 292-9347 <br /> <br />3000 Dain Rauscher Plaza <br />60 South Sixth Street <br />Minneapolis, Minnesota 55402 <br />Telephone (612) 347-0700 <br />Fax (612) 347-0600 <br /> <br />As you are probably aware, federal tax law provides an incentive for the acquisition and <br />rehabilitation of certain multi-family housing complexes (i.e. apartments). The incentive is that <br />these facilities may (subject to state law allocation provisions) be financed with tax exempt bonds. <br />The use of tax exempt bonds has the effect of lowering the borrowing costs but requiring a certain <br />amount be reinvested in the property in the form of rehabilitation, The purpose of this law is to <br />provide and upgrade multi-family housing for affordable purposes. <br /> <br />(gJ2)Dj~7-0657 <br /> <br />November 12, 1999 <br /> <br />,R.tply to . <br />Mtnneapolzs <br /> <br />Minnesota allocates its total tax exempt bond allocation to a variety of uses including single family <br />housing, multi-family housing, manufacturing and other qualifying facilities. Minnesota allocates <br />approximately $20,000,000 of its total bonding authority to the multi-family housing pool which can <br />be accessed by a competitive process beginning on the first Tuesday of each calendar year. <br /> <br />. <br /> <br />VIA FACSIMILE <br />& U.S. MAIL <br /> <br />1;" <br />Illi Il <br /> <br />Elk River Apartments <br />Oak Crest Apartments <br />