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J ' ~ i-:~ _ - ;. , ^ , ,. ! '-- ;. ~ ~~~ ' - -. . 5A (i'~~ ~J) V"~ _ r 5' ~ CANADIAN FINANCIAL CORPORATION f, - / ~/ '/ " " I ..~' j -../ ~ y -' J, , '. '; I \) 2030 North....t$lern FlIlanclIl Center 7900 Xenea AVelIUf South MlIIlIe.poIlS. M,nr,elOla !l5431 PhOlle (612) 835-2373 tee 7 197$ December 6, 1976 - Mr. John Boland Metropolitan Council 300 Metro Square Building 7th &. Robert Streets St. Paul, Minnesota 55101 Dea~ Mr. Boland: Since early this year, Canadian ~'inancial Corporation has been seeking to obtain the necessary approvals and fundiug for a new multi~family housing proJect (known as Coventry) to be located In the City of Rosevllle. As you know, we developed the Dover Hill project in Gold<,:n Valley, which has turned out to be very succeuful and well regarded by the communhy. We hopc.d to be able to do the exact same kind of combination family! elderly pro- ject in Rosevllle. Mayor Demos and other Roseville officials who toured through the project and consulted with Go~en Valley officials about it seemed to be enthusiasti- about duplicating L'Dver Hill in Roseville. In June. The Rosevil1 City Councll apprc.vI'd our prO- posal to develop a site on Snelling Avt'nue with a pro",~ct conslst- ing of 104 elderly units and 9Z family units. We then applied to the Minnesota Housing Finance Agency for ftnancing and 106 units of Section 8 funds. The Agency offered \ul a maximum of ) ,0 Section 8 Cunds. and required that our pro- po.al be converted co an all.family project. Howenr. the zoning approved by the City does not permit this change, and we have re- ceived strong indications that the City will not approve the change if it is pruented to them. I direct your attention to the enclosed copy of a letter from Mayor Demos which very clearly expresses the aituaUon Wf.. now face with regard to the posslbility of approval for an all-family project. In short, we cannot obtam funding for the project we have zoning for, nor zoning for the proJect we have fund- ing for. . ".