02/27/1995 Council Minutes - Laserfiche WebLink

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COUNCIL MEETING FEBRUARY 27, 1995 Verbal Update, Senior Housing, Randy Schumacher - Mr. Schumacher explained that the developer of the senior housing planned for the west side of St. Joseph Catholic Church has now received the federal tax credits and plans to start construction in 1995. There has been some delay in this matter due to changing some of the structural design. Also the federal tax credits are for 48 units, not the 96 units originally proposed. The balance of the property will be developed into 10 single family homes. The First Bank is still involved in the project. However, since the City Council last saw the proposal, interest rates have risen. The developer is looking for other financing in an effort to keep the rents affordable. He will have further information to Mr. Schumacher by March 7, 1995. Council Member Bergeson noted that the original City subsidy was based on 96 units. He asked if the number of units are reduced, will the City subsidy also be reduced. Mr. Schumacher said yes. He explained that he did review the latest proposal to be sure that this is the case. Mr. Schumacher also noted that there will be no City subsidy for the single family homes. No action was needed on this matter. NEW BUSINESS Set Public Hearing to Redesignate Community Development Block Grant 6:40 P.M. Council Member Elliott as noted. Council Member Kuether carried unanimously. a Portion of the 1994/1995 for Monday, March 27, 1995, moved to set the public hearing seconded the motion. Motion Council Member Elliott moved to adjourn at 9:04 P.M. Council Member Bergeson seconded the motion. Aye. These minutes were considered, corrected and approved at a regular meeting of the City Council on March 13, 1995. Marilyn/ G. Anderson, Clerk -Treasurer Vernon F. Reinert, Mayor PAGE 33