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MINUTES <br />CITY COUNCIL <br />FEBRUARY 26~ 1997 <br />Employees receive good training. However, Montreal <br />Courts is a challenged property and is management <br />intensive. Echtenkamp reported that Montreal Courts <br />cannot be something it isn't. The best that can be <br />done is to maintain a strong tenant base, upgrade the <br />property, and instill some pride in ownership. <br />Scalze asked about interior improvements. <br />Echtenkamp reported that HUD appraisers and engineers <br />are currently looking at the property and will mandate <br />the improvements which must be done. <br />Scalze asked the term of the HUD financing. <br />Ippel anticipated a 20 to 25 year bond. HUD income <br />requirements would be in place for the length of time <br />the financing is in place. If the financing is retired <br />early, there may be a requirement that the income <br />levels must be maintained for a minimum of 50% of the <br />life of the original bond term. Ippel reported that <br />she would be able to provide more clarification on <br />these issues as the process moves forward. <br />Scalze pointed out that the Council is asking a lot of <br />questions because the City is very interested in the <br />project. Montreal Courts is located in the middle of <br />the City adjacent to two major City parks and Little <br />Canada Elementary School. The City has made a strong <br />effort to improve the situation at Montreal Courts. <br />Scalze asked about subsidized rents. <br />Echtenkamp reported that there are currently about 100 <br />families receiving HRA subsidies, which is AFDC. He <br />did not anticipate that number increasing given pending <br />welfare reforms. <br />Morelan asked if the complex was obligated to rent to <br />families receiving xRA subsidies. <br />Echtenkamp replied that these families could not be <br />discriminated against. <br />LaValle suggested that higher rents could be supported <br />at Montreal Courts, suggesting the area could support <br />rents in the $600 range for one-bedrooms and in the <br />$72o range for two-bedrooms. <br />Echtenkamp reported that even under the HUD enhanced <br />loan, rents could be raised. Echtenkamp stated that <br />13 <br />