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<br />Regular City Council Meetiug <br />Mouday,Junell,2007 <br />Page 10 <br /> <br />more likely to be the one to notice if something wasn't filed in accor- <br />dance with the agreements. <br /> <br />Councilmember Ihlan questioned who the Trustee would be; with Ms. <br />Bolton responding that Wells Fargo would be the financier and Trus- <br />tee. <br /> <br />Mr. Miller advised that in his five years with the City and monitoring <br />financing issues, he hadn't encountered any that were not in compli- <br />ance. However, Mr. Miller advised that if one were encountered, he <br />would contact the Trustee and borrowers and monitor the process to <br />bring them into compliance. <br /> <br />Councilmember Pust questioned how the 40% unit figure had been <br />calculated; and questioned how that compared to current use. <br /> <br />Ms. Bolton noted that they chose forty percent of the units at .60% <br />median area income. <br /> <br />Mike Swenson, applicant and one of the owners <br />Mr. Swenson advised that the current facility was open market rentals. <br />Mr. Swenson noted that substantial improvements were proposed; and <br />that income levels were based on area county income rates; and fur- <br />ther noted that it was their intent to operate within those established <br />guidelines. <br /> <br />Councilmember Pust questioned if the apartments would segregated <br />or integrated throughout the building. <br /> <br />Mr. Swenson advised that owners couldn't designate certain part of <br />the building for rent-controlled set-asides. <br /> <br />Ms. Bolton made additional clarification on the role of the county in <br />establishing income levels, based on area median incomes, and not <br />exclusive to Ramsey County making those determinations. <br /> <br />Mr. Swenson advised that other rents would subsidize low-income <br />rental units, but would also be substantially dictated by market rates. <br />