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.0 MINNESOTA } HOUSING R."71ANCE AGENCY July 1, 1986 The Honorable June Demos Mayor of Roseville City Hall 2660 Civic Center Drive Roseville, MN 55113 RE: Victoria Place Roseville MHFA # 86-004 Dear Mayor Demos: As you are aware, the Minnesota Housing Finance Agency (Agency) has been processing a development proposal for 48 units of rental housing in Roseville with J. A. Development, Inc. of Newport. J. A. Development, Inc. has recently discontinued processing of this development proposal and has transferred their interest to Brutger Companies, Inc. of St. Cloud, MN. The new developer has modified the proposal. The development is now comprised of 58 units in a 2-story wood frame building. The Agency has reevaluated the underwriting and technical feasibility of the revised proposal. On June 26, 1986 the Agency Board determined that the revised. development appears feasible for mortgage financing under the Agency's Market Rate Graduated Payment Mortgage Program and authorized the issuance of a Feasibility Letter to Brutger Companies, Inc.; St. Cloud. Please note that this action does not constitute a commitment on the part of the Agency to finance the development. Additional analysis must be done before the final decision is made on providing a mortgage. Our action now is a determination by the Agency that the proposal, as currently structured, has a site which is acceptable, a market exists for the units, and the development plan as proposed is basically acceptable to the Agency. While this action does not commit the Agency to issue a mortgage for the development, it does provide assurance to the developer that the proposal at this stage is acceptable and the Agency will continue to pursue mortgage funds. 400 Sibley Street, Suite 300, St. Paul, Minnesota 55101 (612) 296-7608 Equal Opportunity Housing and Equal Opportunity Employment