11-12-1997 Council Agenda - Laserfiche WebLink

Home Browse Search

promote the long term stability of Montreal Courts by further strengthening the working relationship between the City, Ownership and Management.. The list of proposed capital expenditures is attached to this letter for your review. 2. Conventional Financing. The altemative to this proposal is conventional financing. Due to the higher cost of finance, it would not be possible to undertake the level of improvements outlined under the tax exempt method. Improvements and reserves of about $1,000,000 versus $2,250,000 would be more reasonable. This method is being actively pursued as a "back -up" in the event tax exempt financing cannot be accomplished or the tax exempt financing proposal is not acceptable to the City. Ownership and Management Company Profiles Housing Alternatives Development Company. The Owner of Montreal Courts will be Housing Alternatives Development Company. HADC was formed in 1991 under the leadership of Mr. Denver Kaufman. Mr. Kaufman has had a distinguished carreer as a leading attorney in Minnesota. Throughout his career he has served his profession in many volunteer positions, including past president of the Hennepin County Bar Association. Bringing his interest in housing, the law and community service together, Mr. Kaufman spearheaded the formation of HADC as a 501 c (3) corporation to promote housing for low and moderate income individuals and families. HADC has an experienced and distinguished Board of Directors that includes Louis Stocco, Rodney Pakonen, Charles Darth and Paul Abzug. The Board of Directors professional backgrounds include experience in development, City government, banking and small business. While Mr. Kaufman is no longer serving on the Board of Directors, he is taking the leading role in the Montreal Courts transaction on behalf of HADC. It is the intention of HADC to renovate Montreal Courts to bring it's physical condition and safety features up to date, to maintain superior property management, to enhance the community with on -site activities for parents and youth, and to establish and maintain adequate reserves to assure a quality housing environment for it's residents in the future. Goldmark Property Management, Inc. Page 13