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<br />Once a public hearing is held by the City of Roseville pursuant <br />to Minn. Stat. § 273.124, Subd. 6(j), Calibre Ridge Limited <br />Partnership appears to meet the requirements of Minn. Stat. § <br />273.124, Subd. 6 with regard to leasehold cooperatives based upon <br />the following findings: <br /> <br />1. Social security numbers for cooperative members were provided <br />on Homestead Applications attached to each lease. <br /> <br />2. Calibre Ridge Cooperative was organized under 30BA as shown <br />in the Articles of Incorporation dated November 17, 1992. <br />The Secretary of State issued a Certificate of Good Standing <br />12-15-91. <br /> <br />3. Voting members of the board of directors are residents of the <br />cooperative, elected April, 1994. <br /> <br />4. The cooperative association has a lease for occupancy for a <br />term of 20 years and 6 months permitting the cooperative <br />association to participate in managing the property as shown <br />in the Calibre Ridge Master Lease. <br /> <br />5. Right of first refusal to purchase the property exists in <br />favor of the Cooperative as shown in Exhibit B of the Master <br />Lease. <br /> <br />6. A minimum of 40 percent of the cooperative association's <br />members have incomes at or less than 60 percent of the area <br />median gross income based upon the Project Rent Roll that was <br />provided. <br /> <br />7. Twin Cities Housing, a nonprofit organization, operates as <br />the managing general partner and pursuant to the partnership <br />agreement that exists it appears to have sufficient powers to <br />participate in the management and control of the partnership. <br /> <br />8.' It appears that tenants were given Certificates of Membership <br />when leases were signed which provides the required notice <br />describing the cooperative and referring to the articles of <br />incorporation and bylaws. <br /> <br />9. The units became leasehold cooperative property prior to <br />being occupied so (g) does not apply. <br /> <br />10. Financing Documents include a loan by MHFA, a HOME block <br />grant, Family Housing Fund of Mpls. and St. Paul and by <br />Minnesota Housing Finance Agency. <br /> <br />11. A request for a public hearing was made upon initial request <br />for homestead classification by letter dated May 1B, 1994. <br />This hearing is the last requirement that needs to be met for <br />qualification for a homestead classification <br />