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<br />REQUEST FOR COUNCIL ACTION <br /> <br />I>A11E: 11-14-94 <br /> <br />ITEM NO.: F-l <br /> <br />Department Approval: <br />~ <br /> <br />Manager Reviewed: <br /> <br />~cl- <br /> <br />Agenda Section: <br /> <br />Hearing <br /> <br />Item I>escription: Calibre Ridge Leasehold Cooperative. <br /> <br />Background: <br /> <br />1. In 1992-93, Calibre Ridge Rental Townhomes was constructed at Rice Street <br />and Highway 36. The project consists of 4910w/moderate income rental <br />townhomes on 4.41 acres. At least 40 percent of the units are occupied by <br />residents whose income is less than 60% of the Twin Cities median income. <br /> <br />2. Twin Cities Housing Development Corporation, the managing general <br />partner of the Calibre Ridge Limited Partnership, has requested the County <br />and City to approve a homesteading cooperative leasehold for the project. <br />Such a designation is limited to those few developments which demonstrate <br />that: <br /> <br />a. At least 40% of the units are occupied by residents whose income is <br />less than 60% of the Twin Cities median income, estimated at $18,000 <br />to $20,000 depending on household size. <br /> <br />b. The building or development must have received public financial which <br />may include local dollars, Community Development Block Grants, or <br />HOME funding. <br /> <br />c. A housing cooperative and the leasehold agreement must be <br />established. <br /> <br />d. The City must hold a public hearing; the County must approve the <br />proposal. <br />