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REQUEST FOR COUNCIL ACTION <br />, <br />� <br />3 Date: 61�.112007 <br />4 Item �iu:y,$ <br />Dd�artrr�ent A <br />.� �� <br />Manager Approved: <br />Agenda Section: <br />]�ea=>>z�s <br />F#� Description: Public Hearing to Consider the Issuance of Tax-ExemptBonds for Centennial <br />11 Gardens Apartments <br />7� <br />93 <br />]� Background <br />1� At the May 21, 2007 City Council meeting, the Council continued a public hearing to June 11, <br />1� 2007 to consider the issuance of tax-exempt bonds for Centennial Gardens E:.��L Apartments. <br />1� The continuation was advised by the City's Bond Counsel to allow for combined action on a <br />1#� similar consideration for the Centennial Gardens ��`� �� Apartments. A public hearing for the <br />] 9 second application had already been scheduled for June � 1, 2007. <br />�� <br />�l <br />�. <br />..�. <br />23 <br />2�# <br />�5 <br />�b <br />�� <br />�8 <br />�9 <br />Centennial East Limited Partnership has requested the City to provide tax-exempt financing for <br />the purposes of financing the acquisition, renovation and equipping of the Centennial Gardens <br />East & West Apartment buildings. Each apartment building includes a 95-unit multi-family <br />rental housing facility for low and moderate income tenants. The apartment complex is <br />immediately west of the �am��z�e Shopping Center. <br />The total amount of financing, for both �rolec�s, is approximately $12.5 million. The City has <br />participated in financing arrangements for similar entities most recently in 2005. <br />3� Discussion Items <br />�] The City Council is required to approve any issuance of tax-exempt financing by the City. The <br />3� City's Bond Counsel of Briggs & Morgan, has reviewed the legal and financing agreements, and <br />3� will provide an unqualified opinion as the legality of the bonds and their tax-exempt status. <br />3� <br />3� <br />3� <br />a7 <br />�g <br />�;� <br />�0 <br />�I <br />�� <br />There is no fiscal impact on the part of the City, All costs of debt issuance will be paid by the <br />applicant. In addition, the City does not intend to issue any direct debt in 2007. As a result, this <br />issuance will not j eopardize the "bank-qualification" Status of any new City debt issues. <br />Attachment <br />Enclosed is a Resolution, as prepared by Bond Counsel, approving the issuance of tax-exempt <br />bonds. <br />�3 Staff Recommendation <br />�� Staff has reviewed the application and believes all necessary legal and financing provisions have <br />+� � been met. Staff recommends the Council approve the issuance of tax-exempt bonds for the <br />�6 Centennial East Limited Partnership. <br />