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Council moves forward to authorize HRA conduit bonding for Alice Nettle Tower rehab
Summary
The council voted to send a proposed ordinance delegating conduit-bonding authority to the Virginia HRA for consideration at first reading, supporting a developer-led purchase and renovation of Alice Nettle (Ellis Meadow) Tower financed with bonds and tax credits; council also required quarterly HRA updates.
Gigi Grahi, representing the Virginia HRA, asked council to adopt an ordinance authorizing the HRA to act as a conduit issuer under Minnesota statutory authority for housing projects, noting the request stems from Minnesota statute cited during the presentation. Grahi said the project would not use city or HRA tax dollars and would be financed with tax-exempt bonds and tax credits; she said the developer expects to invest about $70,000 per unit for rehabilitation of the Ellis Meadow/Alice Nettle Tower senior housing property.
Council members…
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