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515 Little Canada Road, Little Canada, MN 55117 -1600 <br />(612) 484 -2177 / FAX: (612) 484 -4538 <br />MEMORANDUM <br />TO: Mayor Fahey & Members of the City Council <br />FROM: Joel Hanson, City Administrator <br />DATE: February 9, 1996 <br />RE: Provinces Housing Revenue Bond Transaction <br />MAYOR <br />Michael I. Fahey <br />COUNCIL <br />Beverly Scalze <br />Jim LaValle <br />Steve Morelan <br />Bob Pedersen <br />ADMINISTRATOR <br />Joel R Hanson <br />Attached is a notice of hearing and a resolution relative to the <br />proposal for the City's issuance of housing revenue bonds to <br />finance the acquisition and renovation of the Provinces apartment <br />complex by Dominium Group, Inc. I have also attached some pages <br />from the official statement which describe in greater detail the <br />nature of the project and some of the key characteristics. <br />An important area deserving your attention is the requirement <br />that 20% of these units must be set aside for people making 50% <br />of the median income. The 50% of the median income is as <br />follows: <br />Family Size Income Limitation <br />4 $25,500 <br />3 $23,950 <br />2 $20,400 <br />In talking with representatives of Dominium and with Mary Ippel <br />of Briggs and Morgan, I have been told that the existing tenant <br />mix within this complex already exceeds this requirement. <br />Therefore, this transaction will allow the acquisition by the . <br />developer who will spend about $375,000 on building improvements. <br />Paul Sween of Dominium Group, Inc. will be present at Wednesday's <br />meeting to answer questions the Council may have. Should there <br />be any additional research you would like conducted in the <br />meantime, please let me know. <br />JRH:kpv <br />Enclosures <br />Page 3 <br />