12/20/1982 Council Minutes - Laserfiche WebLink

Home Search

276 Special Council Meeting December 20, 1982 A special meeting of the Lino Lakes City Council was called to order at 7:30 P.M., December 20, 1982 by Mayor Benson with all Council members present. Mr. Schumacher, Mr. Bill Short, Mr. Dave Liddle of Dain Bosworth was also present. Mayor Benson opened the Public Hearing on the Mortgage Revenue Bonds /Housing Plan at 7:33 P.M. Mayor Benson requested Mr. Schumacher to explain the process which he did. He then turned the meeting over to Mr. Dave Liddle of Dain Bosworth. Mr. Liddle noted that this public hearing is for the purpose of considering a housing plan which is different from the housing program. The housing plan sets forth the types of housing that will be needed to fill the requirements of this City now and in the future. This housing plan has been submitted to the Metropolitan Council for their review. Mr. Liddle noted that they make comments on this plan but has no bearing on the review by the Minnesota Housing Finance Agency. The recommendations, if made by Metropolitan Council, may not be considered by the MHFA. There are several areas in which the City must conform, according to MHFA, but the comments of the Metropolitan Council is not one of the areas. Mr. Liddle outlined the process - consideration of the housing plan at this meeting, a public hearing on December 27, 1982 on the housing program, the two are then submitted to the MHFA for consideration. This must be submitted on or before the 2nd of January. They meet on the third Thursday of the Month an d this submission will be considered at that time. Mayor Benson asked Mr. Liddle to explain the difference between the Housing plan and the housing program. Mr. Liddle said the housing plan is the part of the Comprehensive Plan which sets out the situation as of the time the plan was prepared, the needs to be filled over the coming years, the lacking in the housing to fill those needs, the goals established and the manner in which this may be accomplished. The program becomes a specific document as to how the City will achieve one of the goals of the plan. Mr. Kulaszewicz noted that two of the developments are outside the urban service district, does this have any bearing on the MFHA's consideration of the housing program? Mr. Liddle said if Metropolitan Council said we like three of the developments and not two, does this have any effect on the City getting the monies? Mr. Liddle said in his review of State Law indicates that this would have no effect whatsoever. State Law states that MFHA has about four things that can look at and that is the limit and nothing refers to the comments of Metropolitan Council's review. It cannot be denied on the basis of Metropolitan Council's comments. Mr. Schumacher asked as what point in time does the 4% have to be deposited and Mr. Liddle must be submitted shortly before bond closing. Mr. Liddle said a letter from the developers stating the amount of the monies they will be using and indicating that 4% of that amount is on deposit or available. Mayor Benson asked if 4% is an adequate amount and Mr. Liddle said it is a realistic amount, but whether it is enough to obtain these funds, he didn't know. There is only 27.5 million dollars for the seven county metro area and there 5 issuers have asked for 47.5 million dollars, so someone is going to be disappointed. Mr. Liddle felt that 4 or 5% is a realistic figure, any more than that, and it is not a good use