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(B) NUMBER OF LICENSED RENTAL <br />UNITS PER OWNER. <br />(1) No individual owner, including <br />any natural person, partnership, <br />company, corporation or <br />organization however formed, shall <br />own or have any ownership interest <br />in more than four (4) single family <br />rental or non-homestead residential <br />dwellings in the City. An ownership <br />interest shall include fee interest, <br />partial or whole financial interest in <br />any corporate or business form that <br />owns single family rental properties, <br />any partial or whole financial <br />interest in any trust or other <br />organization that owns single family <br />rental properties, or any other <br />interest of the kind. The City shall <br />not issue any license for the rental <br />of a single-family residence to <br />anyone who already has such an <br />interest in four (4) or more rental or <br />non-homestead single family <br />residences in the City. <br />The Planning Commission preferred <br />the following approach: <br />Limit an individual’s <br />ownership to 15% of the <br />total number of licensed <br />rental houses. <br />Apply the cap at the time a <br />house is converted from <br />owner- to renter-occupied <br />and a rental license is <br />applied for. <br />Require disclosure of other <br />ownership by an affidavit <br />from the applicant seeking a <br />rental license. <br />Currently, there are <br />approximately 60 <br />licensed rental <br />properties, meaning an <br />individual could hold <br />ownership interest in <br />up to 9 units. <br />Note that under <br />Paragraph (C) below, <br />rentals could rise to <br />more than 200. This <br />clause would allow an <br />individual to have <br />ownership in 30 or <br />more units. <br />This would grandfather <br />in existing ownership <br />levels (which the City <br />has not tracked <br />previously). <br />This process is used in <br />other such self- <br />disclosure processes. <br />(B)(2)EXCEPTIONS. <br />a. The limits of this Section shall not <br />apply to a bona fide housing <br />program of any agency of the State <br />of Minnesota or of the Metropolitan <br />Council. <br />Subp. b. will be shifted <br />to its own paragraph so <br />as to apply to all <br />Sections, not just to <br />the Exception <br />paragraph. <br />(C) NUMBER OF LICENSED RENTAL <br />UNITS IN THE CITY. The total <br />number of single-family rental <br />licenses shall not exceed ten percent <br />(10%) of the total number of single <br />family detached houses in the City <br />as determined by the City of St. <br />Anthony based on the City’s <br />available data. In addition, the <br />number of licensed rental single- <br />family units shall not exceed ten <br />percent (10%) of the total number <br />of single family detached houses in <br />each of four subareas of the City, <br />The Commission did not suggest any <br />alternative to the proposed 10% cap <br />on rental licenses, although some <br />suggested that the City would have <br />adequate time to create such a cap <br />if there were an unusual growth in <br />the number of such rentals.