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515 Little Canada Road, Little Canada, MN 55117-1600 <br />(651) 484 -2177 / FAX: (651) 484 -4538 <br />MEMORANDUM <br />TO: Mayor Fahey & Members of the City Council <br />FROM: Joel Hanson, City Administrator <br />DATE: January 22, 1999 <br />RE: Provinces 42M Letter <br />MAYOR <br />Michael I. Fahey <br />COUNCIL <br />Beverly Scalze <br />Jim LaValle <br />Steve Morel= <br />Bob Pedersen <br />ADMINISTRATOR <br />Joel R. Hanson <br />Please find attached the 42M letter required by the Provinces to attain Title II tax credits. This is <br />the letter that was the subject of much debate and resulted in an agreement with the Provinces <br />providing for 65% of the units being designated for people meeting affordable housing income <br />guidelines. (It also provided for the cash set aside to allow for future sprinkling of the building.) <br />The Provinces submitted substantial documentation along with their request for the 42M letter. I <br />have Briggs & Morgan reviewing that information to ensure it complies with the terms of our <br />agreement. Subject to their analysis, I would recommend we authorize the 42M letter as <br />provided based on our agreement. <br />JRH:kpp <br />Enclosure <br />cc: Norman L. Jones III, Winthrop & Weinstine <br />Page 54 <br />