Woodbury Approves $77M in Housing Bonds
The Woodbury Housing and Redevelopment Authority approved the issuance of $77.25 million in conduit revenue bonds for two affordable multifamily housing developments during its April 16 meeting.
The HRA authorized $22.25 million in tax-exempt bonds for Woodbury AH II, LLLP to finance phase two of the Reserve at Settler's Ridge project, which will add 126 affordable housing units. The authority also approved $55 million in bonds for LSBD Woodbury Manning, LLC to construct the Meadows at Prairie Ridge, a 237-unit affordable housing development.
Both projects qualified for special federal designation as difficult development areas, which provides additional tax credit equity to make affordable housing financially viable in high-cost construction areas. Woodbury's 55125 zip code was one of only three such designations in Minnesota.
Construction on the Reserve at Settler's Ridge phase two is expected to begin in late May, with occupancy anticipated in late summer 2026. The Meadows at Prairie Ridge project will begin construction within the next month, with completion expected in approximately 22 months.
During the subsequent City Council meeting, the council approved a solar array project for the fleet services building and recognized community member George Frambo with a merit award for preventing an elderly resident from falling victim to a $20,000 scam while working as an Uber driver.
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Other Topics from This Document
Approval of Housing and Redevelopment Authority (HA) consent agenda
Public hearing for issuance of $22.25M in conduit revenue bonds for Reserve at Settler's Ridge phase two
Public hearing for issuance of $55M in conduit revenue bonds for The Meadows at Prairie Ridge
Presentation of Community Member Merit Award to George Frambo
Proclamation of Public Service Recognition Week, Peace Officers Memorial Day, and Emergency Medical Services Week
Donation and demonstration of protective K9 vests by Woodbury Police K9 Fund
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