City Council Meeting Date: October 7, 2025
To: Mayor and City Council
City Administrator
From: Melissa Hanson, Housing Coordinator
Brenda Angelstad, Finance Director
Title
Public Hearing Related to Bond Issuance for the Acquisition and Rehabilitation of Jefferson Square.
Body
Action Requested:
The Northfield City Council is asked to conduct a public hearing related to bond issuance for the acquisition and rehabilitation of Jefferson Square Townhomes.
Note: The process for holding the public hearing is included in the Summary Report. Please note that there is a motion to close the Public Hearing needed by City Council at the appropriate point in the public hearing process.
Summary Report:
Standard Communities, or an affiliate thereof (the "Borrower"), has requested that the City of Northfield, Minnesota (the "City") issue conduit multifamily housing revenue bonds in an amount not to exceed $10,000,000 (the "Bonds") to finance the acquisition, construction, rehabilitation and equipping of an approximately 50-unit multifamily housing development for households of low and moderate income and functionally related facilities, including garages and surface parking, located at 1356 Jefferson Road in the City (the "Project").
As part of this request, a public hearing must be held prior to considering the Resolution to approve a housing program for the Project, and provide final approval for the issuance of the Bonds and the execution of various related documents (the "Final Resolution").
The public hearing notice was published in the Northfield News on September 24, 2025. A copy of the public hearing notice is attached.
Staff will provide a verbal presentation on the request from Standard Communities. The relevant background materials and information for this item are included in the agenda item immediately following the public hearing to consider action on the application.
Public Hearing Procedure:
A Public Hearing is used by the City Council to sol...
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