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05 <br /> MEMORANDUM <br /> DATE: November 13, 2003 <br /> TO: St. Anthony Housing and Redevelopment Authority <br /> FROM: Michael Mornson, City Manager <br /> SUBJECT: FANNIE MAE FUNDING <br /> EXPLANATION <br /> The HRA, by approving HRA Resolution 03-019, agrees to enter into an <br /> agreement with Fannie Mae for loan funds to be used by the HRA to assist in <br /> acquiring commercial property in the Northwest Quadrant area. The proceeds to <br /> pay the loan back will come from the developer when the"For Sale"housing gets <br /> sold and from the future increment, if needed. We will not close on the loan until <br /> the developer has 20%of the "For Sale"housing pre-sold. <br /> This is funding needed by the developer to assist in the redevelopment of the <br /> Northwest Quadrant. We are anticipating closing on the loan on or before May 31, <br /> 2004. The term of the loan is 3 years, however we can get a three year extension, <br /> if needed. <br />