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<br />REQUEST FOR COUNCIL ACTION <br /> <br />DATE: 8-23-93 <br />ITEM NO.: H- I <br /> <br />~6- <br /> <br />Agenda section: <br />Ordinances and <br />Resolutions <br /> <br />Department Approval: <br /> <br />~J/tfW <br /> <br />Manager Reviewed: <br /> <br />Item Description: <br /> <br />Approval of resolution giving preliminary <br />approval to the issuance of revenue bond <br />financing for Care Institute Inc. project and <br />setting public hearing date for September 27, <br />1993. <br /> <br />Background: <br /> <br />1. Care Institute Inc. has requested that the City approve the <br />issuance of $13 million in housing revenue bonds to help <br />finance the expansion of the Rosewood Estates project at 2750 <br />N. victoria Street. <br /> <br />2. City staff has received the attached resolution from Briggs and <br />Morgan requesting preliminary approval and setting the public <br />hearing date for September 27, 1993. <br /> <br />3. A representative from Briggs and Morgan will be present at the <br />August 23, 1993 Council meeting to discuss this matter and <br />answer any questions the Council may have. <br /> <br />Staff Recommendation: <br /> <br />1. It is recommended that the city Council approve the attached <br />resolution authorizing the issuance of $13 million of housing <br />revenue bonds for Care Institute Inc. and setting the pUblic <br />hearing date for september 27, 1993. <br /> <br />Council Action Reauested: <br /> <br />1. Motion to approve resolution of preliminary approval for the <br />issuance of $13 million of housing revenue bonds to finance <br />Care Insti tute Inc.' s proposed expansion of the Rosewood <br />Estates senior housing project at 2750 N. Victoria Street and <br />setting the public hearing date for September 27, 1993. <br /> <br />Staff Report by: Rick Jopke <br />