The council met in a workshop earlier this month to discuss Saint Therese's request to use
City officials hope the project will spur economic growth in the southern half of the city.
A public hearing on the request, which would require a city ordinance authorizing the bond issue, will be held
Unlike general obligation bonds, which are paid back with property taxes, the security behind housing revenue bonds rests with the revenue generated by the housing development.
Under the proposal, Saint Therese, a faith-based senior housing company, would repay the bond debt so that in case of a default, the city would not be on the hook, officials said.
The need for senior housing has been growing as the suburban population ages. By 2035, one in four suburban residents living in the county will be over age 65, county officials said. A recently released study by the
"Demand will be driven by the expanding local employment base as well as the close proximity to job centers in
Preleasing at the 307,000- square-foot complex, which will offer one- and two-bedroom units among three buildings, began last fall. Seventy-five percent of the "independent senior apartments" have already been reserved, said
The project, after several delays, is expected to open in late 2015, Regan said.
"Preleasing the first apartments is an important step for our
(c)2014 the Star Tribune (Minneapolis)
Visit the Star Tribune (Minneapolis) at www.startribune.com
Distributed by MCT Information Services