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MAYOR S CITY COUNCIL MEMBERS, CITY OF ROSEVILLE <br />2660 Civic Center DAive <br />Rodevitte, Minnesota. 55113 <br />RE: MORTGAGE REVENUE BOND REQUEST <br />1=oh 61-Unit A)=tment Buie -ding, Rice Street 9 Highway 36 <br />Hononabte Mayon 9 City Counc e Membelus : <br />I mspect6u,fr nequedt the City o6 Rodevitte, t6 <br />podd.ibte, to -undue Montgag e Revenue Bonds in an appnox.imate <br />amount o6 Three Kbt i.on Dottand ($3, 000, 000. 00) ban the <br />puApod e o6 6.inancing the pno pod ed 61-unit apaA tmen t project <br />Located at Rice StAeet and Highway 36. <br />Due to cwftent .interest rate tevetd and the uncertainty <br />06 6utuhe intenedt nested, the project iz not 6 ea a.ibte, at <br />thin time, without bond 6.inane.cng . <br />I am awm.e that a d eaneh bon mun i.c.i.pa.P.i t i" with <br />ava ta.bte bonding autho& ty and a tran66en o6 that <br />authon.ity to .the C.ttc/ must be made to enabte q he City <br />to izzue such bo► dz . r <br />16 eet v e y <StILO ngt y that .the pno pod ed apartment i6 <br />the but tin e o6 the .bate and prompt eomptetion o6 the <br />pno j ect i6 .in the but .intenedt o6 .the City. The pno j ect <br />had been weU conceived with the hetp and .input o6 City <br />Sta66 and ne.ighbo►us. <br />I do hope you approve this %equut do that we may <br />proceed totwAdd c ompteting th,ia pno j ect. <br />Thank you cn your co► ideation. <br />Gan owe <br />Shorewood Conponctt.ion <br />