Laserfiche WebLink
Hanson, Joel <br />From: Vern Hanson [Ihanson @metroplains.com] <br />Sent: Wednesday, February 27, 2002 4:24 PM <br />To: ' Joel .hanson @cijittle- canada.mn.us' <br />Cc: mark @ehlers - inc.com <br />Subject: RE: Info for Tonight's Meeting <br />We have three (3) basic funding scenarios that we are looking at: Each one has a little different response to your <br />questions. The following graph allows each of the three to be compared to the question. We think scenario no. 1, <br />the original proposal, may be the best but need to go thru the due diligence and factor in all of the various goals <br />and desires for both the city and the development to know for sure. <br />(1) (2) (3) <br />100% Market Rate Housing TIF Tax Exempt <br />Existing TIF district X <br />New Housing TIF district X X <br />Tax Exempt X <br />Home X <br />Livable Communities Grant X <br />Rents 100% market 20 %with 20% with rent <br />tenant income and income <br />restrictions restrictions <br />See comments in your text below for additional information with each question. <br />Original Message <br />From: joel .hanson @ci.little- canada.mn.us <br />[ <mailtoioel. hanson @ci.Iittle- canada.mn.us >] <br />Sent: Wednesday, February 27, 2002 1:57 PM <br />To: Ihanson @metroplains.com <br />Cc: mark @ ehlers- inc.com <br />Subject: Info for Tonight's Meeting <br />Vern: <br />Thanks again for your patience as we attempt to finalize our decision <br />relative to the selection of a developer for the SE corner of Rice Street & <br />Little Canada Road. <br />The purpose of this e -mail is to restate your position regarding the project <br />based on the comments you have made to me. The key points of our discussion <br />are as follows: <br />*You feel the City's goal of recovering our land costs of +/- <br />$2,000,000 through this redevelopment project is reasonable. (Yes with all three scenarios) <br />*You feel it is realistic for MetroPlains to do so without the use of <br />any other competitive programs. (Scenario 1 & 2) <br />*The sources of funding that would enable to repay our land costs <br />included the HUD 221D4 Mortgage, TIF, and income generated by the "for sale" <br />townhome component. (Yes, scenario 1,2 & 3) <br />*You can not guarantee this expectation at this time. (Correct) <br />Page 2 <br />