Laserfiche WebLink
Owners • Managers 35 <br /> •RESIDENTIAL APARTMENTS <br /> • •HEALTH CARE FACILITIES <br /> 0 RETIREMENT CENTERS <br /> •COMMERCIAL PROPERTIES is <br /> SAG E <br /> SAGE COMPANY <br /> January 26, 1996 <br /> 1712 HOPKINS CROSSROAD MINNETONKA,MN 55305 <br /> PHONE(612)591-1200 • FAX(612)591-9848 <br /> Mr. Michael Mornson <br /> City Manager <br /> St. Anthony Village <br /> 3301 Silver Lake Road <br /> St. Anthony, MN 55418-1699 <br /> Re: City of St. Anthony Multi-Family Housing <br /> Revenue Bonds - $5,960,000 <br /> (St. Anthony Nursing Home Project/Chandler <br /> Place) <br /> Dear Mr. Morrison: <br /> We hereby request that the City of St. Anthony pass an inducement resolution to allow the refunding <br /> of the above-referenced bond issue. We also would like to extend the term of this bond issue to on <br /> or about December 1, 2025. <br /> To facilitate the refunding of these bonds, it is our intention to obtain a guarantee utilizing <br /> FHA/HUD mortgage insurance under the Section 232 Program. As we discussed in our recent <br /> meeting, this will allow for the secured property (Chandler Place) to apply for a Title II adjustment <br /> in real estate taxes which will be in effect from 1998 to 2013. <br /> Attached please find a schedule of real estate taxes for the property owned by St. Anthony Nursing <br /> Home Limited Partnership. This schedule reflects the estimated reduction in real estate taxes for <br /> Chandler Place as a result of the Title II adjustment. It also considers the estimated increase in real <br /> estate taxes resulting from a proposed expansion of St. Anthony Health Center which includes <br /> replacement of 24 skilled nursing beds and the addition of 20 assisted living units. This expansion <br /> will proceed immediately upon approval of our request for a Certificate of Need Moratorium <br /> exception from the State of Minnesota. As indicated in this schedule, the projected real estate taxes <br /> paid by St. Anthony Nursing Home Limited Partnership will actually increase despite the Title II <br /> adjustment. It also shows that the total amount of taxes allocated to tax increment will rise in future <br /> years based on the proposed expansion. <br /> S U-ICAREICORRESPOV ETTERSI199617401MORNSON LTR <br />