10-23-1985 Additions - Laserfiche WebLink

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(c) The City desires to: facilitate the development of rental housing within the community; encourage the development of affordable housing opportunities for residents of the City; encourage the development of housing facilities designed for occupancy by persons of low or moderate income; and encourage the development of blighted or underutilized land and structures within the boundaries of the City; and the Project will assist the City in achieving these objectives. (d) The Developer is currently engaged in the business of real estate development. The Project to be financed by the Bonds is the acquisition, construction and equipping of two multi - family rental housing developments, 98 rental units and 40 rental units, to be located at the southeast of the intersection of Little Canada Road and Rice Street in the City, and consists of the acquisition of land and the construction of buildings thereon which will result in the provision of additional rental housing opportunities to persons within the community; (e) The City has been advised by representatives of the Developer that con- ventional, commercial financing to pay the capital costs of the Project is available only on a limited basis and at such high costs of borrowing that the economic feasibility of operating the project would be significantly reduced, but the Developer has also advised the City that with the aid of municipal financing, and resulting low borrowing costs, the Project is economically more feasible;