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<br />..-. ~. <br /> <br />REQUEST FOR COUNCIL ACTION <br /> <br />DATE: 10-11-93 <br /> <br />7< _5- <br />ITEM NO.: J::; <br /> <br />Department Approval: <br /> <br />~ <br /> <br />Manager Reviewed: <br /> <br />Agenda Section: <br /> <br />~0 <br /> <br />Consent <br /> <br />Item Description: <br /> <br />Approval of resolution glvlng final approval to <br />the issuance of Revenue Bond Financing for the <br />College Properties, Inc. project on the former <br />Paul's Place site. <br /> <br />Background: <br /> <br />1. The City has approved a PUD and a development agreement for the <br />development of the College Properties, Inc. senior housing and <br />motel project. <br /> <br />2. On July 26, 1993, the City approved a resolution"approving the <br />issuance of $23,000,000 of Housing Revenue Bonds to finance the <br />senior housing portion of the project and for $3,500,000 of <br />Motel Revenue Bonds to finance the 57-unit motel portion of the <br />project. <br /> <br />3. A public hearing was held on September 13, 1993. <br /> <br />4. City staff has received the attached resolution from Briggs and <br />Morgan for Council consideration. <br /> <br />Staff Recommendation: <br /> <br />1. It is recommended that the City Council approve the attached <br />resolution authorizing the issuance of $23,650,000 of Housing <br />Facility Revenue Bonds and authorizing the execution of various <br />documents in connection therewith. <br /> <br />Council Action Requested: <br /> <br />1. Motion to approve a resolution authorizing the issuance of <br />$23,650,000 of Housing Facility Revenue Bonds to finance <br />College Properties, Inc.'s senior housing project and <br />authorizing the execution of various documents in connection <br />therewith. <br /> <br />Staff Report by: Rick Jopke <br />