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Regular City Council Meeting Monday, June 11,2007 Page 12 Bonds, Series 2007 (Centennial Apartments Project) to Finance a Pro- ject and Authorizing the Execution of Documents Relating Thereto." Councilmember Ihlan advised that, given her review of the informa- tion provided and her satisfaction that the project served a public pur- pose and warranted a tax exempt bond issue, she would support the motion. Councilmember Ihlan advised that her initial concerns with compliance over the 15 - 30 year period had been answered suffi- ciently, and opined that the project was an appropriate use of the City's tax exempt bonding power. Roll Call Ayes: Kough; Pust; Ihlan; Roe and Klausing. Nays: None. b. Public Hearing - Conduct a Public Hearing to Consider the Issu- ance of Tax-Exempt Refunding Bonds for Presbyterian Homes/Eaglecrest, Incorporated Mayor Klausing opened the Public Hearing at 7:42 p.m. Mr. Miller reviewed the request for issuance of tax-exempt bonds for the purpose of refinancing existing debt to take advantage oflower in- terest rates for their facility located at 2925-2945 Lincoln Drive. Mr. Miller noted that this was a 36-unit multi-family housing facility pro- viding housing, nursing, food service and sponsored activities for per- son with Alzheimer's. Mr. Miller advised that the total amount ofre- financing was estimated at $24 million; and noted that the City had participated in similar financing arrangements for Presbyterian homes, in 1993, and again in 1998 for this facility. Mr. Miller advised that the second resolution requested was authoriz- ing the reassignment of the existing development agreement to reflect a change in names of the corporation from the original agreement. Councilmember Ihlan noted language in the redevelopment agreement that referenced tax increment financing (TIF) bonds as opposed to tax exempt bonds, and requested an explanation of the actual refinancing request.