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MINUTES <br />CITY COUNCIL <br />APRIL 2, 1997 <br />Provinces. Scalze stated that she would like to see renovation of multiple- <br />family units. However, she was not interested in increasin~ the percenta~e <br />of low to moderate income tenants over what has previously existed as a <br />result of the market. <br />Fahey stated that the Council wants to know the percentage of tenants who <br />met low to moderate incane levels at the time application was made for <br />the tax-exempt bonds. Fahey pointed out that lowerin~ income levels of <br />the City lessens its attractiveness with re~ard to redevelopment <br />opportunities. <br />Brachman stated that The Provinces is what it is, and the majority of <br />tenants of that complex have low to moderate income levels. <br />Fahey asked Dominium to provide that data. Fahey asked if that data was <br />available at the time the bo~~ding was applied for. <br />Brachman stated that he did not believe he had 100% of the data <br />Fahey replied that the Camcil would like to see this information, pointing <br />out that it has been requested. Fahey stated that his comfort level would <br />be raised if Dominium could provide accurate information. Fahey stated <br />that he did not want Yhe perception that information is being withheld from <br />the City. Fahey pointed out if the tenant mix at the time application for <br />bonds was made was 65% low to moderate income levels, then he feels <br />Dominium's argument for an increase in the percentage for tax credits has <br />merit. However, this information has not been provided. <br />Brachman stated that they could try and calculate this information. <br />Scalze felt if the tenant mix was at the 60% level, to her this would be the <br />high end for tax credits. Scalze felt that with upgrades and increased <br />rents, tenant income levels would increase. <br />Urness stated that renovations at The Provinces were done with the <br />expectation that tax credits would follow. Urness stated that Dominium <br />assumed they would be able to get tax credits for all tenants who qualify. <br />Scalze lsked why the City would want to designate The Provinces for low <br />to moderate income Yenants. <br />Pedersen asked if low to moderate income designation resulted in a cap on <br />rents that could be charged. <br />