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Home My WebLink About6. Stonebridge 2nd Addition Perliminary Plat - 8:oo p.m.61i! 0 2875 -145TH ST. W. �A ROSEMOUNT. MINNESOTA 55068 ose rl ou n t 612-423-4411 CtBtE 1987 s o2 PUBLIC NOTICE TO WHOM IT NAY CONCERN: NOTICE IS HEREBY GIVEN, that the City Council of the City of Rosemount will conduct a Public Hearing, Tuesday, January 20, 1987, at the Rosemount City Hall 2875 145th Street West, at 8:00 p.m., to consider a preliminary plat to be ``known as Stonebridge 2nd Addition on "property described as follows: The East half of the Northwest quarter of Section 15, Township 115, Range 19, except Stonebridge`Addition. Such persons as desire to be heard with reference to the above items will be heard at this meeting. :Dated this 2nd day of January, 1987. Stephan Jilk Administrator/4 erk City of Rosemount Dakota County, Minnesota ��'s 1987 0 5QONEBRIDGE 2ND ADDITION PRELIMINARY PLAT - MAILING LIST SECTION 15 1. Louis J. & June Damiani 34-01500-010-11 12232 Akron Avenue Rosemount, MN 55068 2. Northern Natural Gas Co. 34-01500-012-35 2223 Dodge Street Omaha, NE 68102 3. Richard & Dixie Cliff 34-01500-013-35 12523 Akron Avenue 34-01500-010-50 Rosemount, MN 55068 Lot 13, B1k 1 - Stnbrdge Add'n 4. Lavonne E. Perron 34-01500-010-60 12637 Akron Av - RR 2 Rosemount, MN 55068 5. Arthur T. McMenomy 34-01500-010-70 2204 Dayton Avenue St. Paul, MN 55104 STONEBRIDGE ADDITION 6. Shelby Penrod 1065 121st Street West Rosemount, MN 55068 7. Brian D. & Angeline Sabo 16375 Garner Avenue Rosemount, MN 55068 8. Gerald &Dianne Munzen 1185 121st Street West Rosemount, MN 55068 9. Douglas C. & Mary L. Miller 4769 Beacon Hill Road Eagan, MN 55122 10. Ronald & Kathryn Carlson 4060 145th Street West Rosemount, MN 55068 11. Gary L. & Wendy I. Neuman 1240 121st Street West Rosemount, MN,55068 12. William M. Hyska & Laurie J. Becker 1090 121st Street West Rosemount, MN 55068 Lot 1, Block 1 Lot 2, Block 1 Lot 3, Block 1 Lot 4, Block 1 Lot ll, Block 1 Lot 12, Block 1 Lot 14, Block l VeeMLqs@jt800ft002 Toll'Free Other States (800122 Miller &Schroeder Financial, hic, Northwestern Financial Center ■ 7900 Xerxes Avenue South • P.O. Box 789 ■ Minneapolis, Minnesota 55440 (612) 831-1500 January 14, 1987 Mr. Dean R. Johnson Director of Planning & Building CITY OF ROSEMOUNT 1367 145th Street East Rosemount, Minnesota 55068 RE: Special Construction Revenue Note Financing Rosemount Plaza Condominium Project Dear Dean: As we continue to analyze the appropriateness of special construction revenue note financing (SCRN'S) for the referenced project, there are several issues to be aware of + governmental entities b SCRN- S have ...been .used on a _ limited :basis.. y _ in various parts of the nation to accomplish construction of public purpose projects. To my knowledge, this would be the first financing of this nature done in Minnesota. The main policy issue to consider is that under this form of financing the City or Housing & Redevelopment Authority would own and operate r the condominium units until they were sold to private individuals. I have enlisted the aid of Barbara Portwood, Holmes & Graven, in reviewing the legal environment within which a SCRN financing could occur. Although a SCRN financing can be an effective mechanism for accomplishing construction of the project, there are several legal constraints to consider in determining the practical ability to proceed. The financing would be accomplished utilizing Chapter 462 of Minnesota Statutes. In order to use Chapter 462, the HRA must create a Housing Development Project within the Redevelopment Project. Although a public hearing is not necessary, it would be a preferred method of approving the Housing Development Project. The establishment of the Housing Development Project involves a finding that there is a shortage of housing for low and moderate income persons and the project will help to alleviate the shortage. Since financings under Chapter 462 are for the benefit of low and moderate income persons, the HRA must establish income limits for persons purchasing units in the project. Under Section 462.445, Subdivision 1 (8) the income limits are to be established at a level below which there is not available in the City a substantial supply of decent, safe and sanitary housing provided by private enterprise without subsidy at prices or rents within Headquartet:: Minneapolis, Minnesota Branch Offices: Solana Beach, California • St. Paul, Minnesota • Milwaukee, Wisconsin -San Francisco, Califomia Memke 1the Sa rstm lmesmr Pmtm Cure tkm OCS 987 A Mr. Dean R. Johnson January 14, 1987 Page Two the financial means of persons and families of such incomes. The HRA may consider in determining the income limits the legislative determination evidenced in Minnesota Statutes, Chapter 462C that moderate income is up to 110% of median income (currently $38,610). An additional procedural requirement under state law is that in connection with the sale of each of the units to a homebuyer, the HRA must hold a public hearing. Notice of the public hearing would have to be published at least 10 days prior to the hearing, and the purchaserandthe price would have to be a matter of public record. Since the HRA is not {currently) in the business of constructing buildings, I assume you will be contracting with private construction companies. There are two methods to effectively accomplish this, keeping in mind the general 'rule that any contracts which define "price" must be publicly bid. First, the HRA could hire a project architect and/or construction manager without public bid as long as the construction manager did not provide a fixed price contract for the project. The sub- contracts would then be publicly bid. Secondly, the HRA could publicly bid a general contractor position; the general contractor providing a fixed price contract for the whole project. Under this scenario the sub -contracts would not have J to be publicly bid The contract specifications must be reasonable, with a real opportunity for prospective bidders to submit bids which comply with the specifications. In order to meet the "Private Loan" test set forth in the Tax Reform Act of '1986, none of the units may be "pre -sold" prior to substantial completion of construction of the facility. This means there may be no reservations and no purchase contracts for any of the units. Any ,pre -sales or reservations would endanger the tax-exempt status of the Bonds. Dean, if there is the practical ability to work within the legal constraints placed upon the financing, I am confident that, based on our recent conversations, a structure can be devised to quickly close the transaction. 98� 0 Mr. Dean R. Johnson January 14, 1987 Page Three I would be pleased to meet with you further to discuss the feasibility of proceeding. If I<may provide further information or clarify anything, please advise. Sincerely, MILLER & SCHROEDER FINANCIAL, INC, Jo n G. Wenker Assistant Vice President JGW/blh PUBLIC NOTICE PUBLIC NEARING TO WHOM IT MAY CONCERN: NOTICE IS HEREBY GIVEN, that the Ci- ty Council of the City of Rosemount will con- duct a Public Hearing, Tuesday, January 20, j 1987, at the Rosemount City Hall, 2875 145th Street West, at 8:00 p.m., to consider a preliminary plat to be known as Stonebridge 2nd Addition on property described as follows: The East half of the Northwest quarter of Section 15, Township 115, Range 19, except Stonebridge Addition. Such persons as desire to be heard with reference to the above items will be heard at this meeting. Dated this 2nd day of January, 1987. STEPHAN JILK Administrator/Clerk City of Rosemount Dakota County, Minnesota 978 45-46 of June, 19w ana nneu for . . fice of the Registrar of Titles in and fo Dakota County, Minnesota, on the 26th day of January, 1984, and recorded as Document Number 134638; that this is registered pro- Iperty; that all pre -foreclosure notice re- quirements have been complied with; that 'no action or proceeding has been instituted 'at law or otherwise to recover the debt 'secured by said mortgage, or any parl thereof; that there is due and claimed to be due upon said mortgage the sum of Sixty 'four Thousand Three Hundred Thirty four and 10/100 Dollars ($64,334.10), which in eludes interest to date hereof, and that pur suant to the power of sale therein contained said mortgage will be foreclosed and tha tract of land lying and being in the County o Dakota, State of Minnesota, described a follows, to -wit: Lot 1, Block 9, Lorraine Park Addition b the City of South St. Paul, accordingio th plat thereof now on file and of record in th, office of the Registrar of Titles within an for Dakota County, Minnesota. __u .--- 11_ _r _,'I County