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Minutes 9f Regular Council Meeting Monday, November 28, 1983 Page Four Mr. Deans was asked when the closing .is anticipated. Deans said, the closing is unclear at this point; noted it depends 9n whether all the financing can be gotten together this year; noted that if the closing does not occur this year. it may be at risk; explained that the bond legis lat 10'11 is a matter which has not been resolved to date~ stated that the closing will take place when financing is completed. . Christiansen asked Mr. Prince (Juran and Moody) when he anticipates closing. Prince said Phase I can be done this year; stated that . the proposed January 1, 1984 cut-off date, he fee ls, will very likely be moved up to JulY,or possibly be extended a year or. two. Mr. Weir was asked what he considers as an alternative, if IRB financing will not be available. Weir said he has no feasible alternative at this point; feels it is highly unlikely tha t the legislature will have a cut-off of January 1st, has been advised that it is possible to close all funding immediately, but he unde rs tands the re is a st~tionary period of up to 36 months before all b9nds have to be dispe rse d. Weir said it isn't their preference to do it this way, but we are sincere about making the pro j e c t a reality; we want to minimize the risk; we are confident in the advice we are receiving from Washington that it is a manageable risk and IRBs are not like ly to be cut off January 1st. Weir said they stand ready to take risks; the fact that we have X amount of dollars invested today is far less se rious to walk away from then to have something that is going to con tinue to eat you alive at the tune of ~ million dollars or more a year on something that does not make economic sense. We want every project to stand on its own two feet sO that our ten an ts can afford to be the re. Christiansen asked the status of Woodbridge obtaining a Letter of Credit or other credit enhancer. Weir said, because they have been awaiting the Public Hearing, they have not obtained a Letter of Credit; said their financial condition is such that they should be able to ob tain a Letter of ere di t or some sort of corporate guarantee from a financial institution; explained they need the Resolut~on before they can request it. Christiansen noted that park dedication has not been discussed; aske d Mr. Weir if he is familiar with the requi remen t. Weir said he is aware of the park dedication; has not reached a determination as yet; it's an item that is at the Council's dis cre tion, before wege t an Occupancy Permit. Christianaen noted that anothe r item, discussed at the last Council meeting is the maintenance of the on- site Sewer and water services. McNiesh reported that Attorney Lynden called and said he had word that the plan is to describe the easemen ts in the Declaration of Covenants, and a Surve~ showing the location of all the easemen ts, which the developer will then take care of; reported that Mr. Lynden has not looked at the package, but this would be a way of handling the maintenance of these utilites. Weir said they have prepared easements to provide . for utilites to the Phase I property; have to make a run of 800 t to the south of their property over an existing easement, which the City has, in order to ge t se rvi ces ; noted that even though sewer and Water are in County Road E, the sewer is not available to the project because the sewer elevation is too high on County . Road E. Hicks asked Mr. Weir what will happen to the project if he is successful with closing on Phase I , and le gis lati on changes such that IRB financing is not a possibility for Phase II and Ill? Weir said it is his expectation to be able to ~ l. Have a Resolution or clear indication that we will not have to fund all 3 phases at one time, or --_.--~