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1993_1011_packet
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1993_1011_packet
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REQUEST FOR COUNCIL ACTION DATE: 10�11-9 3 <br /> ITEM No 5 <br /> I <br /> Department Approval: Manager Reviewed: Agenda Section* <br /> Consent <br /> It em Description: Approval of resolution giving final approval to <br /> the issuance of Revenue Bond Financing for the <br /> College Properties, Inc. project on the former <br /> Paul 's Place sits <br /> Background <br /> The City has a p proved a RUU and a development agreement for the <br /> l Properties Inc. senior housing and <br /> development �� the College <br /> motel projects <br /> On July 26, 1993 ' the city approved a resolution approving the <br /> Housing issuance of $23 , 000,000 of R g Revenue Bonds to finance the <br /> senior housing portion of the project and for 3, 500,o00 of <br /> � � <br /> Motel Revenue Bonds to finance the 57-unit motel portion of the <br /> project. <br /> 3 * A p uhlic hearing was held on September 13 , 1993s. <br /> city staff has received the attached resolution from Briggs and <br /> Morgan for Council consideration. <br /> Staff Recommendat <br /> 1. It is recommended that the city Council approve the attached <br /> resolution' authorizing he issuance of $23, 650,000 of Rousing <br /> g <br /> Facility Revenue Bonds and authorizing the execution of various <br /> documents in connection therewith. <br /> ouncil Action Re ested: <br /> 1, Motion to approve a resolution authorizing the issuance of <br /> $23 , 650, 000 of Dousing Facility Revenue Bonds to finance <br /> � <br /> College properties, Inc 's senior housing project and <br /> authorizing' 'n g the execution of various documents in connection <br /> therewith. <br /> IN <br /> Staff Report by: Rick Jopke <br />
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