02-21-96 Council Special Minutes

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MINUTES OF THE SPECIAL MEETING CITY COUNCIL LITTLE CANADA, MINNESOTA FEBRUARY 21~ 1996 Pursuant to due call and notice thereof a special meeting of the City Council of the City of Little Canada, Minnesota was held on the 21st day of February, 1996 in the Council Chambers of the City Center located at 515 Little Canada Road in said City. Mayor Michael I. Fahey called the meeting to order at 6:35 P.M. and the following members of the City Council were present at roll call: CITY COUNCIL: Mayor Mr. Michael I. Fahey Council Member Mr. Steve Morelan Council Member Mr. Bob Pedersen Council Member Mrs. Beverly Scalze MEMBERS ABSENT: Council Member Mr. Jim LaValle ALSO PRESENT: City Admin. Mr. Joel R. Hanson Fire Marshal Mr. Duane Williams Admin. Asst. Mrs. Kathy Glanzer TAX EXEMPT Armand Brachman, representing Dominium, Inc. (the FINANCING- proposed new owner of The Provinces apartment complex) THE appeared before the Council requesting the City's PROVINCES authorization of tax exempt status for bonds to be issued to acquire and remodel The Provinces. Brachman reported that the remodeling and rehabilitation of The Provinces is similar to other projects his firm has undertaken in the Cities of oakdale, Brooklyn Center, and Minneapolis. Each of these cities recognized this as an opportunity to improve existing housing stock at no cost to the City or taxpayers. Brachman reported that Dominium is a local property management company which has been in existence for 24 years. It is one of the largest multi-family owners in the Midwest with just under 9,000 units. Dominium is committed to holding properties for the long term, and in the last 24 years has only sold two properties. Brachman stated that to acquire and put in the necessary rehabilitation dollars, it requires the cooperation of the City in providing tax-exempt bond financing. This allows for a larger mortgage, therefore, more dollars to put into the project. 1