Public Hearing related to the Adoption of a Multi-Family Rental Housing Program and Approval of a Housing Development Project

A public hearing notice was published in the Anoka County Union on Friday, September 9, 2011, to consider adoption of a certain Multi-Family Rental Housing Program for the HRA and the approval of a Housing Development Project, all pursuant to and in accordance with the provisions of Minnesota Statutes, Chapter 469, including without limitation Sections 469.017 and 469-0171 thereof, and the applicable provisions of Minnesota Statutes, Chapter 462C. The Multi-Family Housing Program outlines the following:

1.  The need to develop moderate priced multi-family rental housing in the City
2.  The description of the project being financed
3.  The type of financing the HRA will be  providing; and
4.  How the HRA will monitor the project for compliance

A formal Multi-Family Rental Housing Program is required in order for the HRA to provide loan proceeds to assist in financing the development of The COR apartments, through the issuance of up to $8,000,000 in Taxable General Obligation Tax Increment Bonds.

Following public comment and discussion, the HRA will consider adoption of the resolution adopting a multi-family housing program for a housing development project.

N/A

Motion to adopt HRA Resolution #11-09-XXX Adopting a Multi-Family Housing Program for a Housing Development Project.