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Regular City Couucil Meetiug Monday, June 11,2007 Page 14 Mr. Callaghan requested that the issue be clarified, since it was appar- ently the City Council's intent at the time; and prudent for this Coun- cil to clarify such intent. Mayor Klausing observed that this was a legitimate question for staff to follow up on and clarify the City Council's intent, tonight's request for refinancing wouldn't be altered by that underlying issue. Ms. Bolton clarified for Mr. Callaghan that the request was not for a "re-signing" of an agreement, but assignment of the existing agree- ment to the new corporation or entity. Councilmember Ihlan, upon her review of the development agree- ment, opined that the restriction to keep the property on the tax rolls apparently didn't get included in the agreement; and that the issue needed to be followed up; noting that in terms of this transaction, every restriction on the original document remained in place. Mr. Miller advised that he would check with Ramsey County to de- termine if such a restrictive covenant had been recorded, and then re- port back to the City Council and public. Mayor Klausing closed the Public Hearing at 6:54 p.m. Mayor Klausing questioned, and Ms. Bolton responded affirmatively, that it would be appropriate to combine both actions under one, mo- tion. Roe moved, Pust seconded, adoption of Resolutions No. 10514 and 10515 respectively entitled, "A Resolution Providing for the Issu- ance and Sale of Housing Revenue Refunding Bonds (Eaglecrest Pro- ject), Series 2007, to Provide Funds for a Senior Multi-Family Hous- ing Project;" and "Resolution Authorizing the Execution of an As- signment of Development Agreement." Roll Call Ayes: Kough; Pust; Ihlan; Roe and Klausing. Nays: None.