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<br />The City's Fire Department, which conducts apartment inspections, has stated that the Dominium <br />COlporation, v:hich ~wns the Dove Tree Apartments in the City, has been excellent to work with from a <br />management Vlewpomt. <br /> <br />Financial Impact <br /> <br />There will be no impact to the City since this request is for a revenue bond (conduit financing) with the <br />City not having to pledge any considerations towards debt payment. In addition, Dominium has paid an <br />initial $5,000 application fee, the City will require a 1% of issuance fee and all out of pocket expenses for <br />legal fees to underwrite the bond will be paid for by the applicant. <br /> <br />Attachments <br /> <br />. Dominium letter dated January 16, 2007 <br />. Elk River Conduit Bonding Application <br />. Program for Financing a Multifamily Rental Housing Development <br />. Resolution No. 07- <br />-' <br /> <br />Action Requested <br /> <br />Staff recommends approval of the following: <br /> <br />1. Resolution No. 07-_, A Resolution Reciting a Proposal for a Multifamily Housing <br />Development Project, Indicating Preliminary Intent, Subject to Certain Conditions, to Assist <br />the Financing of the Project Pursuant to Minnesota Statutes, Chapter 462C (Birchwood <br />Court Apartments Project) in an amount up to $2.5 million; and <br /> <br />2. The Program for Financing a Multifamily Rental Housing Development <br /> <br />These recommendations are based on: <br /> <br />. Approximately $671,000 of rehabilitation funds be dedicated to the project <br />. Issuance and other fees to be paid for by the applicant <br /> <br />Council Action <br /> <br />Motion by _ <br /> <br />Second by _ <br /> <br />Vote <br /> <br />Follow Up <br /> <br />S:\Community Development\Scott Oark\Dominium Project\Request Council Action dominium.doc <br />