| Deal Description | Cedar-Riverside Land Company offered the new community debentures for the purpose of financing a portion of the land acquisition and development costs that were incurred by the company in connection with the creation of a new community called Cedar-Riverside (the Project) in an inner-city area of Minneapolis, Minnesota. Proceeds from this transaction were paid to the Trustee, to be held in trust for release to the company from time to time upon request but not in excess of amounts allowed by the Secretary. The Project was to be developed over a 20-year period in accordance with a comprehensive plan approved by the Secretary of Housing and Urban Development. It was expected that about 30,000 persons would eventually reside within the Project. Housing was to be provided for persons with various income levels and, as planned, would consist of 12,500 units, largely in high- and low-rise apartment buildings. In addition, there was planned commercial space, largely concentrated in a commercial strip between the housing and the Cedar-Riverside institutions. An unusual feature of the planned development was the provision of a plaza-walkway system providing total separation of pedestrian and vehicular traffic. Parking garages were to be located below plazas and buildings. |
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