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WY OF <br /> REQUEST FOR COUNCIL CONSIDERATION Agenda Section: 20. <br /> STAFF REPORT Report Number: 95-113?WS <br /> AGENDA SESSION DATE May 1, 1995 Report Date: <br /> 4 27 95 <br /> DISPOSITION <br /> Item Description: Discussion of Support for MHFA's Motion to Continue with Their Foreclosure <br /> Proceedings Against Northridge Properties <br /> Administrator's Review/Recommendation: <br /> - No comments to supplement this report <br /> - Comments attached. <br /> Explanation/Summary (attach supplement sheets as necessary.) <br /> SUMMARY; <br /> Minnesota Housing Finance Agency's attorney is requesting that the City of Mounds View <br /> support their motion to continue with foreclosure proceeding against Northridge Properties <br /> for Woodlawn Terrace Apartments. <br /> In October, Northridge Properties ceased making payment to MHFA for the first mortgage on <br /> Woodlawn Terrace. In January, MHFA commence foreclosure proceedings against Northridge <br /> Properties. Then in February, Northridge Properties filed Chapter 11 bankruptcy. <br /> MHFA is now requesting the court to dismiss the case so that they can continue with the <br /> foreclosure proceedings and appoint a receiver to the property. Ultimately, MHFA would <br /> like to resell the property and continue to provide funds for the rehabilitation of the <br /> property. At this point, MHFA is unable to do continue with any rehab. <br /> In addition, the City of Mounds View still is owed approximately $56,000 in unpaid water <br /> bills and is the largest creditor, aside from MHFA, relating to the property. <br /> The information was sent to City Attorney, Jim Thomson, who's opinion is to support MHFA <br /> on this matter. <br /> C )(5e/11. 1-666 <br /> Cathy Benn , Economic Develop nt oordinator <br /> RECOMMENDATION; <br />