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-8- start in July, Mr. Childs commented that the City's share of the Ramsey County costs for the project would be zero while around $150;000 would have to be paid to • Hennepin County from M.S.A. funds as the City's share of Hennepin County's costs for the same project. The Manager had also included in the agenda packet a copy of the May 2nd letter from the Minnesota Housing Finance Agency relating to the Municipal Home Mortgage program which would allow communities to apply for below market interest rate mortgage revenue bond financing through the MHFA to aid young families to buy their first homes in those communities. The funds are distributed on a lottery system and, Mr. Childs said, it is possible the City might get financing. for a •half dozen homes through the program since he estimated there were more than 400 homes in St. Anthony which would fall within the $75,000 eligible purchase price. Both the St. Anthony National Bank and Twin City Federal have indicated an interest in serving as the local mortgage lender for these loans, the Manager said. Councilman Ranallo commented that he perceived this program had worked well for Minneapolis and he urged the staff to pursue the funding vigorously. The Council accepted the agenda addendum request from the St. Anthony Nursing Home that public hearings be scheduled on the issuance of Multifamily Development Revenue Bonds to finance the construction and equipment of a 116!.unit rental housing facility to be occupied primarily by elderly people and the acceptance of a housing plan for that project. Motion by Councilman Ranallo and seconded by Councilman Marks to adopt the resolution which authorizes a public hearing to be conducted by the Council July 9, 1985 on the issuance of Multifamily Development Bonds for the Chandler Place residence to be • constructed northeast of the intersection of Chandler Drive and 37th Avenue N.E. RESOLUTION 85-027 A RESOLUTION RELATING TO A MULTIFAMILY HOUSING DEVELOPMENT PROGRAM UNDER MINNESOTA STATUTES, CHAPTER 462 C AND CALLING FOR A PUBLIC HEARING THEREON Motion carried unanimously. Motion by Councilman Marks and seconded by Councilman E_nrooth to adopt the resolution which authorizes a public hearing to be conducted ;Jul' 9, 1985 by the Council on the housing plan for Chandler Place. RESOLUTION 85-028 A RESOLUTION RELATING TO A PROPOSED HOUSING PLAN FOR THE !:CITY OF ST. ANTHONY UNDER MINNESOTA STATUTES, CHAPTER 462 C AND CALLING FOR A PUBLIC HEARING THEREON Motion carried unanimously. Mr. Childs reported Neil Hamlin, of Garment Graphics, had told him that, even though it appeared IDB funding would not be available for relocating and expanding his plant in the former Keebler building, he still wanted to stay in St. Anthony and would be seeking conventional financing for his expansion program.