HomeMy WebLinkAbout6.a. Minutes of the August 7, 2008 City Council Special Meeting ProceedingsAGENDA ITEM: Rosemount Greens Presentation
AGENDA SECTION:
Departmental Reports
PREPARED BY: Kim Lindquist, Community Development
Director
AGENDA NO
3.a.
ATTACHMENTS: Rosemount Greens Fact Sheet
APPROVED BY:
DO
RECOMMENDED ACTION: Information Only
4 ROSEMOUNT
CITY COUNCIL
City Council Meeting: September 2, 2008
EXECUTIVE SUMMARY
SUMMARY
On August 21, 2008 the Twin Cities Housing Development Corporation celebrated a grand opening
for the Rosemount Greens project. Rosemount Greens contains 28 rental units and is targeted
toward low income families in the community. Twin Cities Housing Development Corporation
purchased the twenty -five year old project two years ago and began assembling financing partners to
assist in renovating the aging project. With the financial assistance of US Bank, Minnesota Housing
Finance /HUD, and Dakota County CDA an almost 3 million dollar reinvestment has been made to
both the inside and outside of individual units. At the Grand Opening celebration, the City of
Rosemount was recognized for its support of the project with the Mayor accepting a plaque on
behalf of the Council and the community.
Limited Partner (US Bank)
$4,170,637
MHFA First Mortgage
$690,054
MHFA PARIF
$1,000,000
$500,000
Dakota County HOPE Loan
CDA Rental Rehab Loan
$350,000
Deferred Developer Fee
$50,000
Bridge Loan TCHDC)
$50,000
General Partner Contribution
$305,000
Total Development Cost
$7,115,691
EXTERIOR BEFORE
in Sources
Rosemount Greens
3810 West 145th Street
Rosemount, MN 55068
EXTERIOR AFTER
Rosemount Greens is a 28 unit family townhome rental development that was
originally constructed in 1980. In the past year, the development has undergone
significant rehabilitation to the exterior facade, interior units and landscaping.
The total rehabilitation cost was $2,888,000 or $103,143 /unit. Total development
cost was $7,115,691, which includes the acquisition costs, rehab costs and
related soft costs.
The development is a project -based Section 8 property that receives rental
subsidies through a Housing Assistance Payment (HAP) Contract with the U.S.
Department of Housing and Urban Development (HUD). The developer, Twin
Cities Housing Development Corporation (TCHDC), has renewed their HAP
Contract with HUD ensuring affordability for the next 20 years.
Rosemount Greens amenities include semi private patios, utility rooms in the
three and four bedroom units with washer and dryer hook ups, additional laundry
room on site and large green open space. The development is adjacent to the
Rosemount Family Resource Center that has a large playground, food shelf and
referral services.
CALL TO ORDER
Pursuant to due call and notice thereof, a special meeting of the Rosemount City Council
was held on Thursday, August 7, 2008 beginning at 6:10 p.m. in the Conference Room at
City Hall, 2875 145 Street West.
Mayor Droste called the meeting to order with Council Members Baxter, Shoe Corrigan and
Sterner in attendance. Council Member Sterner arrived shortly thereafter. Staff members
present included Assistant City Administrator Foster, Communications Coordinator Cox,
City Attorney Tietjen and City Clerk Domeier.
ROSEMOUNT CITY COUNCIL
SPECIAL MEETING PROCEEDINGS
AUGUST 7, 2008
NEW BUSINESS
2.a. Consideration of Employment Agreement
Richard Fursman of the Brimeyer Group provided information on how the firm screens
applicants and the background checks that he performs on candidates. He explained that
data can be sensitive when privacy issues arise for the innocent parties involved. City
Attorney Tietjen provided more information on the pending employment agreement and a
discussion ensued. Based upon the research conducted and information gathered, the
majority of the City Council supported the approval of the employment agreement. Council
Member Baxter stated he would not support the motion.
Motion by Shoe Corrigan. Second by Sterner.
Motion to formally appoint Dwight Johnson to the position of City Administrator
and approve the employment agreement and to direct the city attorney to revise
the employment agreement to clarify the city's obligations related to the payment
of termination benefits.
Ayes: DeBettignies, Sterner, Droste, Shoe Corrigan.
Nays: Baxter. Motion approved.
ADJOURNMENT
There being no further business to come before the City Council and upon a Motion by
Droste, Second by Sterner, the special meeting was adjourned at 6:43 p.m.
Respectfully Submitted,
Amy Domeier, City Clerk
a.