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<br />4) a minimum of 40 percent of the cooperative association's members must have incomes at or <br />less than 60 percent of area median gross income as determined by the United States <br />Secretary of Housing and Urban Development under section 142(d)(2)(B) of the Internal <br />Revenue Code. For purposes of this clause, "member income" means the income of a <br />member existing at the time the member acquires his or her cooperative membership; and <br /> <br />5) that public financing received has been provided through community development block <br />grants and/or H.O.M.E. block grants; and <br /> <br />6) that the change to "leasehold cooperative status" will not change the provisions of the land <br />use, zoning, and project approvals on the site. <br /> <br />WHEREAS, the change :fÌ"om rental apartment/townhouse to homestead property classification status <br />will have the impact of reducing the annual property taxes paid by approximately 71 % or a reduction <br />of $62, 188 in 1995 payable taxes, and <br /> <br />WHEREAS, the City ofRoseville held a public hearing on November 14, 1994 to gather public input. <br /> <br />NOW, THEREFORE, BE IT RESOLVED, that the City Council of the City of Roseville hereby <br />approves the request for homestead classification for the Calibre Ridge Limited Partnership. <br /> <br />The motion for the adoption of the foregoing resolution was duly seconded by Member Goedeke, <br />and upon a vote being taken thereon, the following voted in favor <br />thereof: Mastel, Goeàeke, P. Johnson, wi ski , and V. Johnson, and <br />the following voted against the same: !lone. <br /> <br />WHEREUPON said resolution was declared duly passed and adopted. <br /> <br />STATE OF MINNESOTA) <br /> <br />) SS <br /> <br />COUNTY OF RAMSEY ) <br /> <br />I, the undersigned, being the duly qualified City Manager of the City ofRoseville, County of Ramsey, <br />State of Minnesota, do hereby certifY that I have carefully compared the attached and foregoing <br />extract of minutes ofa regular meeting of said City Council held on the 14th day of November, 1994, <br />with the original thereof on file in my office. <br /> <br />WITNESS MY HAND officially as such Manager this 2lst day of November, <br />1994. <br /> <br /> <br />SEAL <br />