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<br />Page 4 - February 8, 2005, New Brighton Council Minutes <br /> <br />comparable to Main Street Village. <br /> <br />I <br /> <br />Mr. Steele replied that the cost per unit is approximately $167,000.00. <br /> <br />Mayor Larson stated there has been inquires about weather the property is Section 8 or <br />Section 42. <br /> <br />Mr. Steele explained that it is IRS Section 42; a tax credit. The developer receives tax <br />credits, the sells them; often to insurance companies for cash. This allows the developer to <br />charge a lower rate for rent. <br /> <br />Mr. Steel explained the rents are based on individual income; $32,000.-$47,000 annual <br />income. <br /> <br />Council Member Burg inquired as to how long the section 42 status remains. <br /> <br />Mr. steele explained 30 years is the contract length; regardless of weather the property is <br />sold. <br /> <br />Council Member Hoffman expressed her appreciation for the outcome of the project. <br /> <br />I <br /> <br />Motion by Council Member Hoffman, seconded by Council Member Moore-Sykes, <br />to move staff recommendation as City Planner recommends Minor Subdivision <br />preliminary plat, approval of both the minor subdivision site plan review in two <br />distinct resolutions. <br /> <br />First resolution: <br />Minor Subdivision of preliminary plat. <br /> <br />Motion by Council Member Hoffman, seconded by Council Member Moore-Sykes <br />to waive the reading and adopt the attached resolution approving Minor <br />Subdivision PL04-04, subject to the following conditions: <br /> <br />I <br /> <br />1. Compliance with LP04-07. <br />2. Approval of a Permit from the Ramsey County Department of <br />Transportation for the proposed new curb cuts on Old Highway 8. <br />3. Approval of the County Engineer for the proposed plat. <br />4. A drainage easement is drafted on the final plat for the new pond and <br />storm sewer. <br />5. A trail easement is provided to connect Old Highway 8 and Jones Lake <br />and an easement agreement is approved by the City Park and <br />Recreation Director, the City Planner, and the City Attorney. <br />6. A trail easement shall be drafted as part of the official final plat. <br />7. A final plat review is applied for and approved by the City Council. <br />8. A walkway from the parking lot to the existing MCTO bus stop on the <br />east side of Old Highway 8 is shown on a re-submitted plan to be <br />approved by City Staff. <br />9. Full compliance with NC05-02 I LP05-02. <br />10. Correction of all non-conformities at Lake Jones Apartments at 219 Old <br />Highway 8 SW. <br /> <br />Resolution No. <br />05-015 <br /> <br />Resolution No. <br />05.016 <br />