Laserfiche WebLink
� <br />2 <br />3 <br />4 <br />Regular City Cnuncii Meeting <br />Monday, June 11, 2007 <br />Page 9 <br />Ms. Bol�on responded that ther� was no reason this property shou�d be <br />p�roperty tax �xempt, as it was not being opera�ed as such. <br />5 Councilmember Ihlan requested guarantees for the City tha� the prop- <br />6 er�y would remain low-income rent eligible; and what r�siric�ions <br />7 were a�tached to �he bond issue and speci�c uses of the property. <br />8 <br />9 <br />10 <br />11 <br />�2 <br />13 <br />14 <br />15 <br />1C <br />17 <br />�S <br />19 <br />20 <br />�� <br />22 <br />Ms. Bolton advised that res�rictions remained in place, pu�suant �o the <br />agareement xecorded �n the ti�i� record and remazning an p�ace �'or the <br />longer of the bond �erm or fifteen years; and ihat agreement wa� that <br />44% of �he units be set aside for fami�ies whose income didn'� exceed <br />�he estab�ished �rea median incame. Ms. Bo�ton noted that, �n o�dex <br />to qualify for those units, people would have to provide income <br />documentatzon; and advised that the units we�e not intended �'or si�x- <br />den� or �ransient housing, bu� �'or �esxdentia�, mu�ti-family houszng. <br />Ms. Bolton further no�ed that, if the proper�ies were soid in the future, <br />the new owner wauld alsa have �o comply wi�h those res�ictions, as <br />outlined in the agree�nen�s. <br />Mr. Miller noted that tne bond issue was ant�cipaied ai 30 years. <br />23 Couneilmemb�r �hlan c�arifi�d ih�� the new owners would hav� to <br />24 comply with thos� restrictions, and �ha� �he property couldn't bc used <br />25 for any o�h�r puarpose. <br />25 <br />27 <br />2S <br />29 <br />30 <br />3� <br />32 <br />33 <br />34 <br />35 <br />36 <br />37 <br />38 <br />39 <br />N�s. Bo�ion reiterated �hat new owners would be subjec� to �h� same <br />r�strictions as the curren� applieant. <br />Councilmember Ihlan questioned who would enforce those restric- <br />tions, and what provisions were in place far monitoring at �he city <br />level. <br />Ms. Bol�on adv�sed �hat the City xs pa�ty to receipt o�' annual doeu- <br />m�ntation; however, noted that the Bond Trustee involved in financ- <br />ing would be responsible for collecting, reviewing and monztorzng the <br />borrower, and verifying their adl�erenee to ongoing covenants. N�s. <br />Bo�ton no�ed that the bor�'ower was required to f�e an annua� arepo�t <br />wi�h the Trustee and the City, but advised that the Trus�ee would be <br />