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1 <br />2 <br />3 <br />4 <br />5 <br />6 <br />7 <br />Reg�alar City Counc�i Meeti�g <br />Mon�day, Jnne �1, 20(D7 <br />Page 10 <br />�nore �ikely �o be the one �o notiee if so�nething wasn't fi�ed in accor- <br />dance with the agreem�n�s. <br />Councilmember �h1an questioned who the Trustee wou�d be; wi�h M�. <br />Bolton responding that VVells Fargo would b� the financzer and Tzus- <br />tee. <br />8 Mr. Milier advised that in his fve years wiih the City and monz�o�ing <br />9 financing issues, he hadn't encoun�ered any that were na� in compli- <br />10 ance. However, Mr. Miller advised �hat if one were encounte�red, he <br />11 would contact the Trus�ee and borrowers and monitor the proc�ss to <br />12 bring �hem into compliance. <br />�. 3 <br />14 <br />15 <br />16 <br />�. 7 <br />18 <br />19 <br />Councilmember Pust questioned how the 4Q% unit figure had been <br />calculated; and questioned how that compa�ed to current use. <br />Ms. Bolton no�ed that they chose forty perceni of the unzts at b0°/a <br />median area inco�ne. <br />2o Mike Swenson, applicant and ane of �he vwners <br />21 N�r. Swcnson advised that the cun�ent facility was open market rentals. <br />22 Mr. Swenson no�ed that substan��a� improvements were proposed; and <br />23 that income �evels were based on area county income ;rates; and iur- <br />24 ther noted that it was their intent �o operate wi�hin those established <br />25 guidel�nes. <br />26 <br />27 <br />28 <br />29 <br />30 <br />31 <br />32 <br />Cauncilmember Pust questioned �f the apartments would s�gregated <br />or integra�ed throughout the bu�lding. <br />Mr. Swenson advised that owners couldn't designate certain part of <br />the building for rent-con�rolled set-asides. <br />33 Ms. Bolton made additional clarif cat�on on the rale a�' the county in <br />34 establishing income �evels, based on area median incomes, and nat <br />35 exclusive to Ramsey County rr�aking those de�erminations. <br />36 <br />37 <br />38 <br />39 <br />Mr. Swenson advised that other rents would subsidize Iow-ineome <br />xental units, but would also be substantia��y dictated by market rates. <br />