Weekly Work Update

June 5, 2020

HIA Update-June 5, 2020

 

City of Minneapolis HIA Project Meeting and Comments links are listed below.

(I)    The city council VIDEO is --

https://lims.minneapolismn.gov/MarkedAgenda/POGO/1636

 

(II)   All written HIA material, incl. City Ordinance and Public Comments is found at --

 

https://lims.minneapolismn.gov/File/2020-00172

 

 

HIA Construction Loan

We are working to finalize the loan agreement with Western Alliance Bank for the construction loan and additional Association loan.  The City’s take-out commitment document has been approved by Western Alliance Bank so the City should be issuing its final copy by early next week.  We are working with our consultant Doug Strandness on the final loan amounts.  We are hoping that loan closing can occur late next week or early the week after. 

 

HIA Funding and Long-Term Financing

The HIA project at this time is proceeding generally on schedule.  It is anticipated that all work on the project may be completed as early as February 2021.  We are evaluating the current funding scenario and working to determine if there would be a significant financial advantage (i.e. lower HIA funding repayments) to accelerate the City’s closing on the bonds.  Doug Strandness and the Summit House Board are evaluating options and costs and will be providing additional information to homeowners regarding any potential costs savings.  At this time, the City’s interest rate on bonds is 2.60%.

Share on Facebook
Share on Twitter
Please reload

Featured Posts

I'm busy working on my blog posts. Watch this space!

Please reload

Recent Posts

July 3, 2020

June 26, 2020

June 19, 2020

June 11, 2020

June 5, 2020

May 29, 2020

May 22, 2020

May 14, 2020

April 30, 2020

Please reload

Archive
Please reload

Search By Tags

I'm busy working on my blog posts. Watch this space!

Please reload

Follow Us
  • Facebook Basic Square
  • Twitter Basic Square
  • Google+ Basic Square