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Department Approval <br />�� ,�: �� <br />Item Description <br />l�'�, <br />Jy <br />REQUEST FOR COUNCIL ACTION <br />Date: 07/20/09 <br />Item No.: 12.c <br />City Manager Approval <br />� / <br />Award the Sale of the City's 2009 Housing Revenue Sonds for Westwood <br />Village I Townhomes <br />BACKGROUND <br />On June 8, 2009, the City Council established a date of sale for the issuance of the City's 2009 Housing <br />Revenue Sonds. Sids on these bonds will be received on the morning of July 20, 2009, with an award <br />taking place later that evening at the City Council meeting. <br />Previously, the City Council established a Housing Improvement Area for the purposes of facilitating <br />common-area housing improvements for the Westwood Village I townhomes. Secause the Townhome <br />Association lacked the means to secure financing for these improvements, the City Council agreed to issue <br />housing revenue bonds on behalf of the Association to be repaid with individual townhome unit <br />assessments. <br />Final legal agreements between the City and the Association have been entered into. Therefore it is <br />appropriate to move forward in awarding the bond sale date. <br />POLICY OBJECTIVE <br />The issuance of housing revenue bonds is consistent with prior Council actions and will be necessary to <br />obtain the financing needed to make common-area improvements at the Westwood Village I townhomes. <br />FINANCIAL IMPACTS <br />Not applicable. While the City is providing the up-front financing, individual townhome unit assessments <br />will repay the debt service. A Development Agreement between the City and the Association will further <br />guarantee that Westwood Village I will pay additional monies in the event that the assessments are <br />insufficient to repay the debt. <br />STAFF RECOMMENDATION <br />Staff recommends the Council approve the attached resolution awarding the sale of the City's 2009 <br />Housing Revenue Sonds for the purposes of financing common-area improvements at Westwood Village I <br />townhomes. <br />REQUESTED COUNCIL ACTION <br />Motion to approve the attached resolution awarding the sale of the City's 2009 Housing Revenue Sonds for <br />Page 1 of 2 <br />