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City Council Regular Meeting - 12/18/06 Minutes - Page 13 Councilmember Maschka detailed the proposed financing request; explaining that, while there were monies in reserve to loan this one association, to get to a bond issue to address additional multi- family unit needs in the community, there would need to be a $3 - 5 million bond issue; and other possibilities may exist for public/private partnerships for longer-term governmental underwriting to address community-wide needs for multi-family housing units versus single-family housing needs. Mayor Klausing recognized that the Council was aware that this project needed to be done; but concurred with Councilmember Maschka's observations for making the best use of a potential HIA; and the Council's desire to avoid potential negative impacts to the community on a number of levels for deteriorating multi- family housing stock. Mayor Klausing noted that there were a number of questions: · Where do the funds come from for the next project? · What are other possible projects, with a survey needed on those other units. · Is a bond issue feasible and/or a good idea? · When considering the use of taxpayer monies, should the City be the lender of first resort, or should the private sector be the first resort? · Recognizing the financing expertise of newly-appointed HRA Commissioner, Mr. Masche, and his proposed options to consider. Councilmember Ihlan expressed apprecIatIOn for the comments and discussion at tonight's open meeting; and concurred that additional study needed to be completed; and proposed moving forward to do so. Mayor Klausing closed the Public Hearing at 7: 16 p.m. Staff was directed, by Council consensus, to work on the actions, as outlined and detailed in Section 6.2 of the Staff Report dated December 18, 2006. Recess Recess Mayor Klausing recessed the meeting at approximately 7:18 p.m.