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<br /> -"--- _, ,_'_~, ..~ , . ,"-'_'--, " " " '-- ~ I 1 I -~~ . __......... '--"'-' '" I , '--'-' ~- ~- <br /> --- <- - , <br /> . <br /> state for tax exempt financing and attempt to put the Project <br /> . together. <br /> The Developer has suggested using Mary Ippel of Briggs and Morgan <br /> as bond counsel. She is familiar with these projects, has <br /> assisted in similar financings and would be an excellent choice. <br /> We assume your City Attorney regularly handles any land use, <br /> zoning and permitting issues. The one issue we would like to <br /> address with him is the form of covenant or restriction that <br /> would be placed on the land to maintain it as a seniors only <br /> multi-family residential project. As we have done previously, we <br /> would modify your Development Program, establish a tax increment <br /> district, prepare the redevelopment or interest rate reduction <br /> . agreement and work with the City Attorney to ensure that there is <br /> no exposure to the City from the sale of the tax exempt bonds or <br /> tax credits, Also, as in the past, once the Developer wishes to <br /> proceed you have customarily requested a $2,500 deposit to defray <br /> City experi1'ies. We recommend that you adhere to your established <br /> pOlicy. <br /> Please contact us if there are any additional questions or <br /> problems. <br /> JRC,MEM/db <br /> . <br /> 5 <br />