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MINUTES <br />CITY COUNCIL <br />FEBRUARY 12, 1992 <br />that they might be interested in. Bidne reported that <br />Presbyterian Aomes is looking at a 92-unit building, <br />which would consist of a combination of one and two <br />bedroom units. <br />Bidne reported that Presbyterian Homes is excited about <br />the project and moved by the enthusiasm shown by the <br />seniors. <br />Hanson stated that many seniors are interested in a <br />projected timetable for the project since many have <br />homes that will have to be sold. <br />Bidne stated that within tl <br />will be before the City to <br />lay out a timeline for the <br />will take 30 to 60 days to <br />details and then estimated <br />period. <br />Blesener suggested that if <br />seniors could be expecting <br />about a year. <br />Ze next 30 days the developer <br />discussing financing and to <br />project. Bidne estimated it <br />working out the financing <br />a 7 to 9 month construction <br />things went properly, <br />to move into their units in <br />Bidne agreed. Bidne pointed out the changing financial <br />climate and the impact that interest rates will have on <br />the rents that will be charged. Currently interest <br />rates are very favorable. Bidne reported that the <br />developer is aware that seniors have limited resources <br />with which to work, and the developer will work to make <br />the project as affordable as possible. <br />Blesener asked if any of the units will be subsidized. <br />Bidne replied that through assistance from the City, <br />the developer will be able to create a market rate <br />rental program. The building will consist of both one <br />and two bedroom units. Those with greater resources <br />may be interested in two bedroom units, and those with <br />more limited resources, may be interested in smaller <br />one bedroom units. Bidne reported that in 1989 <br />Presbyterian Homes built an 82 unit building in New <br />Brighton. Those rents ranged from the mid-$400's into <br />the $700's. Bidne pointed out that it will require a <br />team effort between the developer and the City to make <br />the project as cost-effective as possible. <br />Hanson asked about handicapped-accessible units. <br />Bidne estimated that 5 to 10 percent of the units will <br />be handicapped accessible. These units will have <br />roll-in showers versus tub units. Bidne reported that <br />every bathroom in the building will have the capability <br />for installation of support bars, and all bedrooms and <br />bathrooms will have emergency pull cords. <br />Page 5 <br />