1998_0526_packet - Laserfiche WebLink

Home

w REQUEST FOR COUNCIL ACTION Date: 05126198 Item No.: H—5 Department Approval'. Manager Reviewed Agenda Section iyPublic Hearings Item Description; College properties Refunding of Housing Facilities Revenue Bonds Series 1993 Background in 199 the City approved the issuance of$23,650, of min l ilities revue bonds for college Properties,IMF assist In financing the construction of the Eagle Crest senior housing prof t,, At tt current level of intt rasa College Properties has elected to campy x receding of the oa#�standing bonds �ardditi l debt of approximately 1#5 00,000 to assist in the construction of a 36 snit facility. (Tbe City Council held a public hearing and approved required PUD April 27, 1998. See the attached information fim the Community Developnxnt Director.)The planned oupancy would be by powns with Alma 's diagnosis. The Alzbeinr's unit was originally planned in 1993 but economic conditions at that time did not permit completion of the project. The Tax Note M 1993 was adjusted for the lack of Alzhcmw s conshwAon and issued for $3P75206 10. of the actin in the atta►ehed resolution,is ref a=cing an a =ded and restated development a ' ' the issuance of the of the tax � t con�nitnrent assignable to the Aldmimer's Wit,M ft anxxmt of $53 2,3 90. The development agreement of 1 993,nceds to be amended and nmtftd to reflect the change in Tax Inamment Note strucWre the related referwes. Staff bas bm wmidng with Briggs and MxW who is the City's band cowl in regard to this ft-ansaction and the u ard amen&d restated development agreement have been prepared by their oEF=in accordance with the City's requirements. The Resolution reflects a not- of$27,000,0009 however,the final number is expected to be somewhat less. Financial Implications e aye no n �than r ' g Pay-As-You-Go T t Dote for t �s unit and amending the elp 1117S language to rdled dw issuance of two DOW.. Staff 1adatlons r std is row the of the the * g of the College properties Housing Facilities Revenue Bonds 1993 od the approval of the wnended and restated development agreement bdwom the City of Roseville,,and College properties,Inc. Council Action Motu the R ution a ci ng the+ or 27}900?000 Dousing Facilities Revenuc l funding s Bids for Colkp pro fits Ire,,Series 19 g. t I'� l , Motion the Amended And Restated Development Agr�ent tin the City of,Roseville, and M apl� College ,,Inc. x