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Metropolitan Council 24 September 3,2004 Tim Marx Commissioner Minnesota Housing Finance Agency 400 Sibley Street, Suite 300. St. Paul,MN 55101 RE: City of St. Anthony Multifamily Housing Revenue Bond Program— The Landings at Silver Lake Project Metropolitan Council Review File No. 19303-1 Dear Mr. Marx: The City of St. Anthony has submitted for our review pursuant to Minnesota Statutes Chapter 462C, a proposed housing bond program for the Landings at Silver Lake Project. The program proposes to issue $39.5 million in tax-exempt revenue bonds to finance the acquisition, construction, and equipping of a 261-unit apartment complex in St. Anthony. This housing is only one of several components-residential, office, retail, and park that make up the city's redevelopment effort for the 53.acre Apache Plaza redevelopment site at approximately.38`'Avenue North and Silver Lake Road. The 261 units in this program including 80 units specifically for households 55 years of.age and older; are only a portion:of the 660 units expected in the overall redevelopment effort. Twenty percent of the units in the landings will be affordable to households at 50 percent of area median income. The Landings will be developed at about 50 units per area in three-story structures,with parking underground at 2401, 2403, 2405, and 2407 39`h Avenue NE. This new mixed-income rental housing in St. Anthony is consistent with both local and regional plans. The 2030 Framework encourages the development of life-cycle housing options throughout the region, and, in particular, in redevelopment or infill situations in older neighborhoods. As a participant in the Livable Communities Local Housing Incentives Program,and consistent with its LCA and comprehensive plan housing goals, this housing will further life-cycle housing options and add both market rate and affordable rental units in the city. The use of this type of fiscal tool to develop affordable and lifecycle housing is also delineated in the city's LCA Action Plan and comprehensive plan. In 2001,the Metropolitan Council awarded the city a Smart Growth Twin Cities Opportunity Site grant for this project of$120,000 for assistance in the planning costs of the project. If you e qu ons,please,call me at 651/602.1418. S' cere uy D. eterson Planning Analyst cc: L:Mike 1VIo>ns n, Gi.Gy of t:= hony Jennifer Hanson,Dorsey&Whitney www.mete'i�' G41�.gp�tDATA1 USERSISHAREDI LIBRARYIrOMMUNDV\PETERSON120041H sgElemReview1090104 si ver lake landings Itr to iim marx. gtro Info Line 602-1888 230 East Fifth Street • St.Paul,Minnesota 55101-1626 • (651)602-1000 • Fax 602-1550 • TTY 291-0904 An Equal Opportunity Employer