Richfield has issued a $150,000 no-interest loan to the nonprofit developer that agreed to purchase the Seasons Park apartments earlier this year.
The loan, approved unanimously by the city's Housing and Redevelopment Authority (HRA) on Aug. 21, will help developer Aeon finalize its purchase of the property. The money will go toward renovation of the 422-unit complex, which is made up of several buildings. The closing was expected last week.
The no-interest loan was approved on condition that 20 percent of the housing be made available for residents who make 60 percent or less of the area's median income. Blake Hopkins, a project manager for Aeon, said the company hopes all units will be affordable for residents in that income range.
The HRA also recommended the city issue Aeon a forgivable loan of $100,000 to go toward rehabilitation, despite concerns by Mayor Pat Elliott. "I'm not sure how often you can come back to the well and expect us to have money to make sure you can continue to service the debt and keep the maintenance up," he said.
Had Seasons Park been sold to a for-profit developer, it could have led to the displacement of hundreds of low-income residents. Aeon agreed to purchase Seasons Park in April.
Miguel Otárola
Bloomington
Churches to host discussion on Muslim faith
The Minnesota Council of Churches, a group of Protestant denominations, is hosting a discussion Monday in Bloomington on the Muslim faith.
The event, part of the council's "Respectful Conversations" series, comes weeks after an improvised explosive device blasted through a section of the Dar Al Farooq Islamic Center in Bloomington. No one was injured in the attack, which Gov. Mark Dayton declared an "act of terrorism."