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~ Minutes of the Arden Hills Regular Council Meeting, 11-25-91 Page 2 . HRING (Cont'd) Clerk Administrator Berger verified the publication of the Notice of Hearing in the New Briohton Bulletin on Wednesday, October 23, 1991 and reported that no written comments relating to this matter were received prior to the hearing. 'Ihe Clerk Administrator referred to his report dated 11-25-91 and stated the city Attorney has reviewed this application and expressed no concerns relating to this matter . Councilmember Hicks questioned the amount cost savings transferred to residents and if all residents would be affected or only a portion of those residing at Presbyterian Hames. Dan Lind, representing Presbyterian Homes, reported this transaction applies to the sutton Place apartment facility which is located at 3120 lake Johanna Boulevard. Lind advised there are 20-units in this facility, 19 rental units and one caretaker unit. He advised there is =ently a debt of $637,000 on this facility and that debt is taxable at 11 percent interest. Lind explained that tax exenpt financing was not available at the tline of the sutton Place renovation. He advised that Norwest Bank has agreed to reduce the interest rate to approximately 8 percent, which would reduce the payment by $19,000.00 or approximately $1,000.00 per unit per year. Lind advised the first year the funds would be invested into improvement of the facility and the second year savings would be passed on to the residents. Councilmember Hicks questioned if any residents receive subsidy for rental costs. . Lind advised there is a program which provides approximately $300,000.00 per year to residents having financial needs, outside of medical assistance and medicare programs . Mayor Sather asked if there was anyone present who wished to be heard either in favor of or opposed to this matter. '!here was no response from the floor and the Mayor closed the public hearing at 7:41 p.:rn. Councilmember Malone expressed some hesitation regarding govern:rnent subsidy of this nature. He stated he would vote in favor of the program, since this is an extension of an existing program and direct benefit to residents has been shown. Malone:moved, seconded by MahaNald, to adopt Resolution No. 91-67, GRANTlNG PRELIMINARY APPROVAL TO A MUNICIPAL HOUSING PRCGRAM AND AMENDING HOUSING PLAN TO PROVIDE FINANCING AND REFINANCING FOR A SENIOR HOUSING DEIlEU):EMENT AND 'IHE ISSUANCE BY 'IHE CITY OF REVENUE BONDS 'IHEREFORE ON BEHALF OF 'IHE PRESBYTERIAN HCMES OF MINNESOI'A, INC. Motion carried unanimously. (5-0) FINAL APPROVAL; Council was referred to a :rne:rnorandurn from the Public CELllJLAR ONE Works Superintendent dated 11-21-91, relating to the ANTENNAE INSTALL installation of the Cellular One 1\ntennae on the City ON WATER 'IOOER water tower. Warren Dunlap, representing Cellular One, was present to answer questions. .