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1 <br />� <br />3 <br />4 <br />5 <br />6 <br />Regui�r City Councii Meeting <br />Monday, May 4i, �0�'7 <br />Page 7 <br />calling �o� �he City Council's preliminary approval of the i�suance <br />prior �o receiving the additional docum�ntation. <br />Cz�y Atto�ney Scott Anderson noted that the City's Bond Counsel <br />would consider this part af the process fbr moving forward. <br />7 Mr. N�cMil�is not�d that the applicant was required, by this resa�utzon <br />8 to prepaar� legal documents and meet�ng certain requirements, �hile <br />9 al�o taking considerable risk by guarantee�ng money up�irant, and <br />10 cammi�ting to the acquis��ion, rehabilitation and maintenance, consis- <br />11 tent with �the Counci�'s goa� �oz� a��a�dable housing. <br />12 <br />�. 3 <br />�.4 <br />15 <br />16 <br />I7 <br />�. S <br />19 <br />20 <br />21 <br />22 <br />23 <br />Councilmember Ihlan reiterated her conce�ns in grant�ng pre�iminary <br />approval without having �he wri�en record he�ore her. <br />Councilmember Pust suggested splitting the approva� p�rocess. <br />Pust moved, Kough seconded, adoptzon o£ Resoluiion No. � 0499 enti- <br />�1ed, "Resolutior� Reeiting a Proposal for a Financing Progz�am fo� a <br />Multi-Family Renta� Houszng Develop�raent, Ca�ling £ox a Public <br />Heaxing Thereon, (C�n�ennial Gardens West Apartmen�s);" schedul- <br />ing a�'ublic Heaarzng £o� Monday, June ��, 2007. <br />24 Cauncilmember Kough opined his desire �'or a Public Hearing to hear <br />25 pub�ic comm�nfi as to whethe�r there were any objections to issuing tax <br />26 exempt bonds. <br />27 Rall Cal� <br />28 Ayes: Rae; Kough; Ihlan, Pust and K�ausing. <br />29 Nays; None. <br />30 <br />31 Pusi moved, Klausing seconded, adnp�ian a� Resolution No. �OSaO <br />32 entii�Ied, "R�solution Reci�ing a Proposal �or a Financing Program for <br />33 a Mu1ti-Family Renial Housing Developm�nt, Givzng P�e�iminary <br />34 Approval to the Project and the Program, and Auihoriz'�ng an App�ica- <br />35 iion �o� Bonding Authority and Au�harizing the Preparation of Neces- <br />35 sary Documents and Materia�s (Centennia� Gardens P�oject)." <br />37 <br />38 Ro�l Ca�l <br />39 Ayes: Ro�; I�ough; Pust and K�aus�ng. <br />