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Regular C�ty Cauneii Meeting <br />Monc�ay, June l �, 2Q07 <br />Page S <br />1 Ayes; Kough; Pus�; Zhlan; Roe and Klausing. <br />2 �ays: None, <br />3 <br />4 $. <br />5 <br />5 <br />7 9. <br />8 <br />9 <br />10 <br />1� <br />�. 2 <br />�. 3 <br />14 <br />15 <br />�6 <br />]7 <br />18 <br />�. 9 <br />20 <br />�i <br />�2 <br />23 <br />24 <br />25 <br />26 <br />27 <br />28 <br />29 <br />Consider Items Rem�ved from Consent <br />None. <br />Publ�c Hearings <br />�. Public Hearing — Conduct a Public Hearing to Cansider the �ssu- <br />anc� of Tax-Exernpt Bonds for Centennial Gardens Apartments <br />Mayor K�ausing op�ned ihe Pub�ic Hearing a� 6:22 p.m. <br />Cxty Finance Dir�ctar C1�ris IVli�ler provided a summary o�' ihe reques� <br />to consider the issuance of tax-exempt bonds �or Centennia� Gardens <br />��st and W�st Apartments �or a total o� app�oxxmate�y $� 2.S �illion. <br />11�r. Miller no�ed that additional �egal documents were still pending, as <br />thzs �equest�d Council action and th� doeument preparation were r�.in- <br />ning on parallel �racks. Mr. M�ller advis�d that the documents cou�d <br />be provided upon their compl�tion to Cour�cilm�mbers at thezr re- <br />c�uest. <br />Mr. IVI��Ier advised tha� staf� anc� �he Cit�'s Bo�d Cour�sel Briggs and <br />Morgan, reviewed the legal and financing agreements, and were pre- <br />pared to provide an unqualificd opinion as to their legality of the <br />bonds and their tax-exempt ��atus. <br />Mr, Miller fur�her advised that issuance o� �he tax exempi bonds <br />would cxeate no fiscal impact on �he part of the city; and that a11 costs <br />af debt issuance wou�d be paid by the applieant. <br />�o Jenny Bolton, of Briggs and Morgan, and the City's Bond Coun- <br />31 sel, was availab�e to answer questzons oi Councz�members related to <br />32 the proposed band issue. <br />33 <br />34 Councilmembe� Ihlan questioned �he cunent tax status o�' �he parop- <br />35 erty, and whether th� eomplet�d prvjec� would become a non-profit <br />36 e�tity and �emoved from tax ro11s. <br />37 <br />38 Mr. Miller advised that the current taxes paid by each facili�y was ap- <br />39 pxoximate�y $77,000 annually. <br />