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REQUEST FOR COUNCIL ACTION DATE 66 9-13-93 <br /> ITEM NO @ * <br /> t <br /> Depart, t Approval: Manager Reviewed,@ <br /> tn� Agenda Section: <br /> Hearings <br /> Item Descriptionee Approval of resolution approving a Housing <br /> Program and giving approval to the issuance of <br /> Revenue Bond Financing for the College <br /> Propsrtiss, ' Inc. project on the former Paul 's <br /> Place sits, <br /> Background: <br /> 16 The City has approved a PU D and a development agreement for the <br /> development of the college Propert i ss, Inc. senior hou s ing and <br /> motel prof ect a <br /> On July 26, 19 9 3 , the City approved a resolution approving the <br /> issuance o f $23,000,000 of Housing Revenue Bonds to finance the <br /> senior housing portion of the project and for $3 ,500,000 of <br /> Motel Revenue Bonds to finance the 57-unit motel portion of the <br /> project. <br /> 3 A public hearing has been scheduled for September 13, 1993 to <br /> consider a housing program and approval of Revenue Bond <br /> Financing. <br /> 49 City staf f has received the attached resolution from Briggs and <br /> Morgan for Council consideration. <br /> Staff Recommendation: <br /> 1. It is recommended that the City Council approve the attached <br /> resolution approving a housing program and authorizing the <br /> issuance of Housing Revenue Bonds. <br /> Council,-- Action Rs estsd <br /> 10 Motion to approve a resolution approving the attached housing <br /> program and authorizing the issuance of $23,000,000 of Housing <br /> Revenue Bonds to finance College Properties, Inc* 's senior <br /> housing project. <br /> Staff Report by: Rick Jop e <br />