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<br /> <br />RATION <br /> <br />400 SELBY AVENUE · SUITE C <br />SAINT PAUL, MINNESOTA 55102 <br />(612) 292-0211 <br /> <br />December 26, 1991 <br /> <br />Mr. Craig Waldron <br />Coaaunity Development Director <br />City of Roseville <br />2660 Civic Center Drive <br />Roseville, KN 55113 <br /> <br />RE: Calibre Ridge Townhomes Gap Financing; Request for CDBG Funding <br /> <br />Dear Craig: <br /> <br />Calibre Ridge Limited Partnership is pleased to submit the enclosed <br />application for CDBG funding to the Roseville City Council for its <br />review and consideration. <br /> <br />The application requests Ramsey County to consider awarding Calibre <br />Ridge a $218,000, thirty year deferred loan at 2% interest. It's <br />proposed the loan would come due in 30 years or on sale whichever <br />comes first. Payments are not included in the interim because no cash <br />flow for additional debt service is available beyond that required by <br />the first mortgage lender. <br /> <br />The 1992 Ramsey County Comprehensive Housing Affordability Strategy <br />(CHAS) states that the HOME program should facilitate larger units at <br />below market rents. As you know, Calibre Ridge will provide 58 family <br />style rental townhomes that will be affordable to low income <br />households. The 30 three bedroom unit rents are set at $610 and the <br />28 two bedrooms at $510; that's $200 and $100, respectively, below <br />market for Roseville. This is a product that families with incomes at <br />60% of median (including the many employees from Roseville shopping <br />malls) will find affordable. <br /> <br />I understand this application will be considered for support and <br />approval by the City Council January 6th and look forward to seeing <br />you then. Please feel free to call if more information is needed or <br />you have questions. <br /> <br />Thank you for your consideration and assistance, Craig. <br /> <br /> <br />CF/kao/CRAIGW <br />enclosure <br /> <br />cc: John Duffy <br />Mitch Riffe <br />