02-26-97 Council Minutes - Laserfiche WebLink

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MINUTE8 CITY COUNCIL FEBRUARY 26~ 1997 the market will determine rent levels, and right now current rents are where they should be. Scalze asked if there was anyone from the general public interested in speaking on this matter. There was not. Pedersen asked for background information on HADC. Kaufman replied that HADC was a non-profit corporation with no religious affiliation. It was organized and designed to provide affordable housing for the elderly, low to moderate income, and the handicapped. The corporation has existed for four years, and in that time none of the principles have taken any money out of the corporation. Morelan asked where the non-profit corporation got its revenues to do programming. Kaufman reported that the tax exempt bond financing would generate some revenues as would the cash flow of the complex. Kaufman reported that it is HADC's hope they can make a mark on the community by providing housing for the disadvantaged. Morelan asked if HADC would share their financial statements with the City. Kaufman replied that they would. Morelan pointed out that the financing approval before the Council was just preliminary approval at this point. Morelan indicated the City has been keen on the Montreal Courts property, and stated that before final approval is granted, the City would want assurances that the representations made will happen. Morelan felt life safety improvements were more important than cosmetic improvements. Morelan suggested the City approach AUD and suggest their guidelines contain life safety improvements. Kaufman reported that HUD requirements cover more than just cosmetic improvements. Scalze indicated that the City will want to know how the overall atmosphere at Montreal Courts will be improved, what will be done to make Montreal Courts a better member of the community, and what will be done to lessen police calls to the complex. Mary Ippel indicated that the City can incorporate 14