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I <br />2 <br />3 <br />R�gnlar City Cs�uneii Meeting <br />Monday, Juane 11, 2007 <br />Page 12 <br />Bonds, Series 20Q7 (Centennial Apartments Project) to Finance a Pro- <br />jec� and Au�thorizing the Execu�ian of Documents Re�ating Thereto." <br />4 Counei�member Ihlan advised th�t, given her review o� the informa- <br />5 tion pravided and her satisfaction tha� the projeet served a pub��c pur- <br />6 pose and warran�ed a�ax exempt bond issue, she would suppo�t the <br />7 motion. Counci�member �h�an advised that her initial concems with <br />8 compliance ovez� �he 1S — 30 year period had been answered suffi- <br />9 cient�y, and opined ihat the project was an apparopriate use af �he <br />10 City's tax exempt bonding pawer. <br />11 <br />12 Roll Cali <br />13 Ayes: �ough, Pusi; Th1an; Roe and Klausing. <br />14 Nays: None. <br />15 <br />�6 b. Publ�c Hearing -- Canduc� a Publie Hearing to Cansider the �ssu�- <br />17 ance of Tax�Ex�mpt Refunding Bonds for P�resbyterian <br />18 Homes/Eaglec�est, �nc�rporated <br />19 Mayor Klausing opened the Public Hearing a� 7:42 p.m. <br />Zo <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />27 <br />28 <br />29 <br />30 <br />M�. Mi11�r reviewed the request for issuance of tax-exempt bonds �ar <br />the purpose o� refinancing existing debt to take advantage of �ower in- <br />teres� rates �for their �'aci��ty locaied at 2925-2945 Lincoln Drive. Mr. <br />Miller noted that �his was a 36�uni� multi-�'amily hous�ng �`acility pro- <br />viding housing, nursing, food service and sponsored aetivities £or pe�- <br />son with Alzheimer's. Mr. N�iller advised tha� the total amount of re- <br />f nancing was estim���d a� $24 million; and noted �hat the City had <br />participated in similax financing a�:rangements for Presb}rterian homes, <br />in 1993, and again in 1998 for this faci�i�y. <br />31 M�. M�l�er advised that the second re�olution requested was au�horiz- <br />32 ing �he r�assignment of the exis��ng deveiapmen� agreement to reflect <br />33 a change in narnes of the corporation from the original agreement. <br />34 <br />35 Cauncilm�mber Ihlan noted Ianguage in the redevelopment agxeement <br />36 that referenced tax increment financing (T�F) bonds as opposed to t� <br />37 exempt bonds, and request�d an exp�ana�ion of the actual r�financing <br />38 request. <br />39 <br />