Laserfiche WebLink
MINUTES <br />CITY COUNCIL <br />APRIL 2, 1997 <br />The City Administrator asked if the t1x-exempt bond transaction was in <br />jeopardy if Dominium can only receive approval for 40% of the units <br />being designated for tax credits. <br />Brachman replied that it was not. <br />Fahey asked if there was an 8S% maximum for low/moderate income <br />tenants and 85% of the units were rented to low/mod tenants, if Dominium <br />could not rent additional units to low/mod tenants. <br />Ippel replied that if tax credits of 85% are sold, Dominium would have to <br />meet that percentage. However, additional units over the 85% level could <br />be rented to low/mod qualifying tenants. <br />The City Administrator noYed the earlier comment that without the letters <br />which went out to tenants, Dominium would have had tax credits at 100% <br />affordable housing at The Provinces. The Administrator pointed out that <br />the City never informed Dominium there would be more than 40% of units <br />designated for ]ow/moderate income tenants. <br />Urness pointed out that the City did sign a letter. <br />The Administrator replied that the letter was signed based on <br />representation that 40% of units would be desi~nated for low/moderate <br />income tenants. <br />Ippel agreed the letter was signed by the City, and that the Official <br />Statement made reference to the 40% figure. There were discussions <br />about chan~ing the existing mix. The letter the City signed came with a <br />bunch of information attached, there was no discussion about what was in <br />that information, and the City did not know different assumptions other <br />than 40% tax credits were made and attached to the letter. <br />Ippel felt that information on the net dollars to Dominium at the 40% <br />level, and their net at other levels would be helpful for the City to have. <br />Dominium should also indicate the amount of dollars they would commit <br />to spending on the project at these various levels. <br />Scalze indicated that submiYtal of this information does not mean she <br />would support an increase over the 40°/a figure. <br />[Jrness pointed out that additional tax credits will result in reinvestment of <br />additional dollars in the liousing stock. <br />12 <br />