PUBLIC HEARING
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CITY OF HOPKINS
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1010 FIRST STREET SOUTH. HOPKINS, MINNESOTA 55343 . 612/935-8474
INTER-OFFICE MEMO
TO M::!ynr F. r.i ry r.r",n"i'
FROM Jim Kerrigan, Cormnunity Development Duecto,r
SUBJECT Public Hearing for Loan to Lenders Program
DATE
February 24
19 8'~
On March 1st the City Council will be requested to set a date for a public hearlng
to consider approval of a Houslng Plan under Minn. Chapter 462 (C) and the financing
of two individual multl-family housing projects under that Plan. The Councll was
orlginally exposed to this program a number of months ago by Mr. Tom Maple of Mlller-
Schroeder Muncipals, Inc.
As you might recall this program, as discussed, was titled the Loan to Lenders
Program. Basically under this plan, a city has the abllity to issue revenue bonds
to finance Multi-famlly Housing within its limits. However, one of the requirements
a developer must comply with is to set aside 20% of the units financed for low lncome
households (these units are not subsidized by the city).
The only step that has been undertaken to date in establlshlng a Loan to Lenders Program
1n Hopkins lS to pass a resolution givlng preliminary approval to the issuance of
Revenue Bonds under Minn Statutes, Chapter 462 (c) and authorization to prepare a
hous1ng plan.
The city 1S now be1ng approached by Miller-Schroeder to proceed with the add1tional
steps requ1red in program implementing. This would first involve a public hear1ng
to approve a Housing Bond Plan which is being prepared by staff. ThlS plan consists
of basically the housing element of the Hopkins 1990 Comprehenslve Plan and a
description of the 462 (c) enpowering legislation. Approval of the document allows
the city to actually sell bonds to finance multi-famlly houslng.
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The second item which must be considered is the actual program to be funded at
thlS t1me through the plan (addltional hearings would be requ1red for future
programs). At the present time, two developers have requested consideratlon of a
program, Centurlon and Mark Z. Jones. Each developer will have to present an
1ndividual program which has to be reviewed and approved at a publ1C hearing.
It should be noted that the Metro Council must reV1ew the Bond Plan and all programs.
The M1nnesota State Hous1ng Finance Agency must approve each of these sald 1tems.
Attached for your reV1ew lS a t1me schedule deta1l1ng a schedule of events Wh1Ch are
requ1red to take place 1n implementing this overall process.