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<br />Regular City Couucil Meeting <br />Monday, June 11,2007 <br />Page 8 <br /> <br />Ayes: Kough; Pust; Ihlan; Roe and Klausing. <br />Nays: None. <br /> <br />8. Consider Items Removed from Consent <br />None. <br /> <br />9. Public Hearings <br />a. Public Hearing - Conduct a Public Hearing to Consider the Issu- <br />ance of Tax-Exempt Bonds for Centennial Gardens Apartments <br />Mayor Klausing opened the Public Hearing at 6:22 p.m. <br /> <br />City Finance Director Chris Miller provided a sununary of the request <br />to consider the issuance of tax-exempt bonds for Centennial Gardens <br />East and West Apartments for a total of approximately $12.5 Million. <br />Mr. Miller noted that additional legal documents were still pending, as <br />this requested Council action and the document preparation were run- <br />ning on parallel tracks. Mr. Miller advised that the documents could <br />be provided upon their completion to Councilmembers at their re- <br />quest. <br /> <br />Mr. Miller advised that staff and the City's Bond Counsel Briggs and <br />Morgan, reviewed the legal and financing agreements, and were pre- <br />pared to provide an unqualified opinion as to their legality of the <br />bonds and their tax-exempt status. <br /> <br />Mr. Miller further advised that issuance of the tax exempt bonds <br />would create no fiscal impact on the part of the city; and that all costs <br />of debt issuance would be paid by the applicant. <br /> <br />Jenny Bolton, of Briggs and Morgan, and the City's Bond Coun- <br />sel, was available to answer questions of Councilmembers related to <br />the proposed bond issue. <br /> <br />Councilmember Ihlan questioned the current tax status of the prop- <br />erty, and whether the completed project would become a non-profit <br />entity and removed from tax rolls. <br /> <br />Mr. Miller advised that the current taxes paid by each facility was ap- <br />proximately $77,000 annually. <br />