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4 , VILLAGE OF ST. ANTHONY <br /> PLANNING 'BOARD PUnLIC HEARING <br /> June 20, 1972 <br /> • The public hearing was called to order by Chairman gratland at 7:55 P.M. <br /> The following were present at roll call : Orville Bratland, Chairman, Thomas <br /> Ondrey, Richard Letou rneau. <br /> Also present : Furry Lekson <br /> Absent : Parrill, Carlson, Kronk <br /> This meeting was for a Nursing Home. <br /> jThere was a short presentation by the representative from Heritage of -7embrandt <br /> Corporation explaining the function of their company and their proposals for this <br /> area (i .e. the 39th Avenue Block on Silver Lake Road backing on Penrod Lane ). This <br /> is to be financed by F.H.A. 236 loan for housing for elderly, no nursing care, two <br /> meals a day served. <br /> Q. Mrs. Stegemeyer of 3921 Penrod Lane asked if this is strictly for over 62 years <br /> of age, or does this include low income housing? <br /> A. Representative of Heritage said this would be strictly over 62 years of age <br /> residents, no low income housing. <br /> Q. Mrs. Ruth Thompson of 3015 39th Avenue N.E. asked if this is FHA financed, how <br /> • can you advertise a 10% return on bonds as you do on the financial page of the <br /> paper? <br /> A. This would be a non-profit endeavor, private profit corporations offer the same <br /> rents. The Edina Heritage was financed differently, and they can make a profit <br /> there. They can only make a 6% profit on this location, anything above that <br /> must be turned back into the operation to reduce rents. <br /> Q. Mr. Frederick Lavicky asked if this is FHA financed, how can you say there will <br /> be no low-income, if FHA lists this among its priorities? <br /> A. This is not listed in the priorities of the program we are being financed <br /> under. We can set our own bounds, and we will set them for people 62 years or <br /> older only. No low income. <br /> Q. Mr. Frederick Lavicky also asked is it true this building is to be seven <br /> stories high? <br /> A. Yes, I believe it will measure 69 feet high. <br /> Q. Mrs. Leo Hanson of 3917 Macalaster asked why is it not feasible to have the <br /> building three or four stories high? <br /> A. We are limited in funds because of FHA. We wanted ten stories, but found this <br /> to be unacceptable to the area, however, we would lose money building anything <br /> less than 133 units, and we need seven stories in order to cover this many <br /> units. It is not economically feasible for us to build less than 7 stories. <br />