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Mounds View City Council Page 7 <br />Regular Meeting Janua~y 9,.1995 <br />i <br />Dave Stewart, Managing Agent for Northridge Properties, <br />reported that he has taken over this project since Decembe 1, <br />1994. Woodlawn Terrace Apartments consists of 113 wits <br />contained in 7 buildings; most of the units are 2-bedrooms. <br />Stewart said this rehab project is expected to be in the <br />$600,000 to $700,000 range. Northridge Properties has an <br />existing mortgage through the Minnesota Housing Finance <br />Authority and is seeking additional funds from them. <br />Northridge is also requesting assistance from Ramsey County. <br />Councilmember Hankner asked Mr. Stewart what the status of the <br />current mortgage was. <br />Mr. Stewart explained that the present mortgage is in a <br />default status and the project has serious financial problems, <br />one of which is the large water bill owed to the City of <br />Mounds View. Woodlawn Terrace Apartments are 28 years old and <br />the rehab project would involve installing all new windows and <br />roofs, as well as fixing up the common areas of the buildings. <br />Councilmember Trude asked if the rehab project would improve <br />the occupancy of the apartments. <br />• Mr. Stewart felt the occupancy would not be improved because <br />of the rehab project, but the occupancy would suffer in the <br />future if improvements were not made soon. <br />Hankner said that one of her objectives is for the City to <br />provide rehab for all housing units that are in need of it. <br />She asked Mr. Stewart what commitment he could give the City <br />if the City would offer their support of this project, and how <br />long he expected to manage the property. <br />Mr. Stewart said he could offer a commitment to manage the <br />property well, on behalf of the owners of the property. He <br />felt he would probably manage the property for the next 25 <br />years. <br />Mayor Linke mentioned that the owners have worked well with <br />the City Staff for the past six months and he hoped that <br />communication would continue to grow. <br />Samantha Orduno, City Administrator, said that the owners and <br />management team of Woodlawn Terrace meet every month and have <br />for the past six months. <br />MOTION/SECOND: Quick/Hankner to Adopt Resolution No. 4703 <br />Supporting Northridge Properties' Application for Minnesota <br />• Housing Finance Authority Funding for Rehabilitation of <br />Woodlawn Terrace <br />