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Regular City Council Meeting Monday, May 07, 2007 Page 7 calling for the City Council's preliminary approval of the issuance prior to receiving the additional documentation. City Attorney Scott Anderson noted that the City's Bond Counsel would consider this part of the process for moving forward. Mr. McMillis noted that the applicant was required, by this resolution to prepare legal documents and meeting certain requirements, while also taking considerable risk by guaranteeing money up front, and committing to the acquisition, rehabilitation and maintenance, consis- tent with the Council's goal for affordable housing. Councilmember Ihlan reiterated her concerns in granting preliminary approval without having the written record before her. Councilmember Pust suggested splitting the approval process. Pust moved, Kough seconded, adoption of Resolution No. 10499 enti- tled, "Resolution Reciting a Proposal for a Financing Program for a Multi-Family Rental Housing Development, Calling for a Public Hearing Thereon, (Centennial Gardens West Apartments);" schedul- ing a Public Hearing for Monday, June 11, 2007. Councilmember Kough opined his desire for a Public Hearing to hear public comment as to whether there were any objections to issuing tax exempt bonds. Roll Call Ayes: Roe; Kough; Ihlan; Pust and Klausing. Nays: None. Pust moved, Klausing seconded, adoption of Resolution No. 10500 entitled, "Resolution Reciting a Proposal for a Financing Program for a Multi-Family Rental Housing Development, Giving Preliminary Approval to the Project and the Program, and Authorizing an Applica- tion for Bonding Authority and Authorizing the Preparation ofNeces- sary Documents and Materials (Centennial Gardens Project)." Roll Call Ayes: Roe; Kough; Pust and Klausing.