HomeMy WebLinkAbout2007 02-12 600 CMWAGENDA
CITY COUNCIL/MANAGER WORKSHOP
Monday February 12, 2007
Council Chambers, City Hall
6:00 p.m.
A. CALL TO ORDER
B. ROLL CALL
C. APPROVAL OF AGENDA
D. NEW BUSINESS - (Reports to follow)
1. Gethsemane Senior Housing Presentation on TIF
E. ADJOURNMENT
Gethsemane Senior ousing Proposed Project
Maplewood, Minnesota
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Loan Interest Only Until Year 3
BUT/FOR TEST Debt Coverage
Year I Year 2 Year 3 Year 4 Year 5 Year 6
With 22 Affordable Independent Units and TIF 1.37 1.29 1.23 1 �27 1.30
With 22 Affordable Independent Units but no TIF 1,22 1.15 1 �09 1.12 1A6
1 - — — — - ------------ - — - — - ---------- - - — - ---------- - — - ---------- - — - ----------
Rents Necessary For Debt Coverage
With
Withouf
Independent Unit:
TIF
LTI F
'One Bedroom 712 Square Feet
$
740
$
1,153
: 'One Bedroom 856 Square Feet
$
1,284
$
1,387
: :One Bedroom with Den 950 Square Feet
$
1,425
$
1,539
Two Bedroom 1050 Square Feet
$
1,575
$
1,701
Two Bedroom 1176 Square Feet
$
1,764
$
1,905
ITwo Bedroom 1256 Square Feet
I
$
1,884
$
2,035
!Two Bedroom 1400 Square Feet
$
2,100
$
2,268