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I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> i <br /> I <br /> I <br />I <br />I <br />I <br />I <br />I <br />! <br /> <br />MEMORANDUM <br /> <br />DATE: <br /> <br />September 20, 1995 <br /> <br />TO: <br /> <br />!Mayor and Councilmembers <br />~Ryan Schroeder, City Administrator <br />!Glyn Huff, Building Official <br />, Steve Lutmer, Building Inspector <br />~Sylvia Frolik, Zoning Administrator <br />i Jessie Hart, Finance Officer <br />Steve Jankowski, City Engineer <br />Cory Tauer, Intern <br />Heidi Welsch, Intern <br /> <br />FROM: i James Gromberg, Economic Development Coordinator <br /> <br />SUBJECT: :Building Activity for August 1995 <br /> <br />The City of R~"nsey issued 20 single-family building permits during the month of August. <br />This compare~ with the projected 18 permits for this period at the beginning of the year. <br />This increase nay be attributable to the continued stable home mortgage interest rates. At a <br />recent lunchec$.'n, Dr. Sohn stated that he thinks the interest rates should remain constant <br />during Septem~ber and October. The Federal Reserve Board will then reduce the rates <br />charged to ban~ks by 1/4 to 1/2 a point. This should be reflected by home mortgage rates <br />coming down tan additional 1/4 to 1/2 a percentage point. If Dr. Sohn's predictions are <br />correct, the City could see an increase in new home construction during the final two <br />months of 1995. If the activity does increase, the City should exceed 220 new homes for <br />1995. This w~uld equate to an increase of 728 new residents. Using the most recent <br />population figtVes from the Metropolitan Council (dated August 1995), the City will have a <br />population of !6,254 at the end of 1995. <br /> <br />As always, if You have any questions or suggestions concerning these reports, please let <br />me know. <br /> <br /> <br />