DEPARTMENT: Physical Development Administration
FILE TYPE: Regular Information
TITLE
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Discussion Of Issuance By Dakota County Community Development Agency Of Bonds Backed By Full Faith And Credit Of Dakota County To Finance Affordable Rental Housing For Seniors In Inver Grove Heights
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RESOLUTION
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Information only; no action requested.
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BACKGROUND
In 1989, the Dakota County Board of Commissioners (County Board), in partnership with the Dakota County Community Development Agency (CDA), embarked on a plan to develop affordable senior housing throughout Dakota County. This plan, called the Senior Housing Capital Improvement Plan (CIP), detailed the locations of future senior buildings, the order of construction, and the means of financing the housing development. The CDA fully implemented the first three phases of this plan with the construction of 30 buildings (1,845 units) and has developed a preliminary Phase IV that was approved by the CDA Board of Commissioners on November 18, 2025.
The CDA is proposing to finance the first project of Phase IV, which is a multifamily residential facility for seniors named Crestview Pointe to be located at 9100 Cahill Avenue in Inver Grove Heights (the Project). The Project will be a 57-unit senior development and is currently under construction. A site map is attached (Attachment: Site Map). To finance the Project, the CDA proposes to issue its Governmental Housing Development Bonds in the principal amount of approximately $16,500,000 (the 2027 Bonds). The 2027 Bonds will be issued on a parity with other housing development bonds previously issued, or to be issued, to finance projects completed by the CIP (all together, the Bonds).
The 2027 Bonds to be issued are proposed to be general obligation bonds and backed by the full faith and credit of Dakota County. The Bonds will be secured by revenues generated by the CDA Common Bond Fund, which includes the Project and existing senior projects; by the CDA Sp...
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