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DOMINIUM <br />TAX CREDIT <br />ISSUE <br />filleare <br />MINUTES OF THE WORKSHOP MEETING <br />CITY COUNCIL <br />LITTLE CANADA, MINNESOTA <br />APRIL 16, 1997 <br />Pursuant to due call and notice thereof a workshop meeting of the City <br />Council of the City of Little Canada, Minnesota was held on the 16'h day <br />of April, 1997 in the Council Chambers of the City Center located at 515 <br />Little Canada Road in said City. <br />Mayor Michael I. Fahey called the meeting to order at 6:00 P.M. and the <br />following members of the City Council were present at roll call: <br />CITY COUNCIL: Mayor <br />Council Member <br />Council Member <br />Council Member <br />Council Member <br />ALSO PRESENT: City Administrator <br />City Attorney <br />Briggs & Morgan <br />Admin. Assistant <br />Mr. Michael I. Fahey <br />Mr. Jim LaValle <br />Mr. Steve Morelan <br />Mr. Bob Pedersen <br />Mrs. Beverly Scalze <br />Mr. Joel Hanson <br />Mr. Tom Sweeney <br />Ms. Mary Ippel <br />Mrs. Kathy Glanzer <br />Todd Urness, an attorney representing Dominium Group, reviewed <br />Dominium's April 14th correspondence to the City analyzing the tax <br />credit situation based on tax credit levels of 100 %, 70 %, and 40% of units <br />being set aside for low to moderate income tenants. <br />Fahey asked if the total net proceeds generated from these tax credits <br />would go to Dominium. Urness reported that the proceeds go to the <br />partners of Dominium and in turn are used to cover the costs of rehab of <br />The Provinces. Armand Brachman, Dominium, indicated that Dominium <br />is seeking tax credits in order to get reimbursed for the rehab work they <br />have done on The Provinces. Brachman reported that, to date, Dominium <br />has taken no developer fee from the project. <br />Brachman reviewed the resident profile information he submitted to the <br />City. Brachman reported that he used the 1997 median income guidelines <br />and compared these figures with resident income for April of 1996 and <br />April of 1997. Based on this analysis 67% of residents met 60% of <br />median income guidelines in 1997. Brachman pointed out that the City <br />Administrator compared April of 1996 incomes with 1996 median income <br />guidelines and April of 1997 incomes with 1997 median income <br />guidelines, for qualifying percentages of 63% in 1996 and 65% in 1997. <br />Page 110 <br />