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The council voted 5-0 to approve Forest Lake’s host-city authorization and a joint powers agreement for financing rehabilitation of Westridge Townhomes. The city administrator said Forest Lake will have no financial liability or project cost; the borrower will pay all expenses.
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The approval allows the housing rehabilitation project to pursue multifamily housing bond financing through the City of Oakdale. Forest Lake is serving a required legal role and will not guarantee the debt or pay for the work. The council also approved changes to a drainage and utility easement, reduced Hidden Creek Phase 3’s financial security to at least $768,187.10, and approved a $187,187.60 partial payment for Hidden Creek Phase 1.
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