Laserfiche WebLink
<br />.~~ <br />.. <br />DOMINIUM <br /> <br />Development & Acquisition, LLC <br /> <br />January 16, 2007 <br /> <br />. <br /> <br />Mr. Scott M. Clark <br />Community Development Director <br />City of Elk River <br />13065 Orono Parkway <br />Elk River, MN 55330 <br />Minneapolis, MN 55402-4115 <br /> <br />Re: Birchwood Court Apartments <br />1227 School Street <br />Elk River, MN <br /> <br />Dear Mr. Clark: <br /> <br />By this letter, Elk River Leased Housing Associates n, LP is formally requesting that the <br />City of Elk River City Council pass a resolution authorizing issuance oftax-exempt <br />bonds in an amount not to exceed $2,350,000 to aid funding the acquisition/rehabilitation <br />of the Birchwood Court apartments located at 1227 School Street NW in Elk River. We <br />are requesting a 30-year bond term. <br /> <br />The Buyer is proposing to: 1) preserve the existing affordable housing by executing a 30- <br />year affordable housing deed restriction; 2) substantially rehabilitate the property; and 3) <br />provide a high-quality, crime-free environment for our residents. <br /> <br />The general partner is comprised of four members who are the four principals of <br />Dominium Development & Acquisition, LLC based in Plymouth, MN. The four <br />members of the general partner own another apartment project in Elk River, i.e. Dove <br />Tree Apartments located at 1105 Lions Park Drive. We strongly support the Elk River <br />Coalition for Crime-Free and Drug-Free Housing as demonstrated by our involvement <br />with this program at Dove Tree Apartments. It is our intention to strongly enforce the <br />same tenant selection criteria at Birchwood Court Apartments that we have successfully <br />implemented at Dove Tree Apartments. As Minnesota's largest privately-held owner of <br />apartments, we have consistently found that providing safe, crime-free housing units to <br />good tenants is a win-win scenario for the owners, our tenants and the City. <br /> <br />2355 Polaris Lane North Suite lOO MinneapoliS, MN 55447 Phone 763/354-5500 Fax 763/354-5650 <br />A~mli_~ifin7J.. T>Pw>JnnmPrlt. r,,"..'h-w"frn.. . M"..".,............, <br />