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Regular City Cnuncii Meeting Manday, �uue 11, 2007 Page � 4 1 Mr. Ca�laghan requested that ihe issue be clarified, sinee ii was appaar- 2 ently the City Council's inient at the time; and prudent for �his Coun- 3 cil to clarify such inten�. 4 5 Mayor Klausing obse�-ved that this was a legifiimate question �ox'staff 6 to follow up on and clarify ihe C�ty Councii's intent, tonight's arequest 7' for refinancing wouldn't be altered by that underlying issue. S 9 Ma. Bolton clarified for �r. Callaghan that ihe reques� wa� no� for a IO "re-s�gning" of an agreement, but assignment o�` the existing agaree� �� ment to the new corporation o�r ent��y. 12 13 Couneilmember �hlan, upon her review of the deve�opment agree- 14 meni, opined that the rest�iction to keep the property on the tax ro11s 15 apparently didn't get inc�uded in �he agreemen�; and that �he issue 16 needed to be followed up; noting �hat in ierms o�' this transaction, 17 �very rest�zction on the original documen� remained in place. 18 19 Mr. M�l�er advised tha� he would cheek with Ramsey County to de- 2o termine if such a restrictive covenani had been recorded, and th�n re- 21 port baek to the City Council and pub�ic. 22 ° 23 Mayor ��ausing closed the Public Hearing a� 6:54 p.m. 24 25 �ayo� Klausing qu�stioned, and Ms. Bolton responded a�'�z�mat�ve�y, 25 that it would be appz�opriaie �a combine both act�ons under one mo- 27 tion. 28 29 Roe movcd, Pust .seconded, adoption of Resoiutions No. 105 � 4 and 30 10515 respectively entitled, "A Resalution Providing for the Tssu- 3� ance and Sa�e o�' Hous�ng Revenue Refi�nding Bonds (Eagleerest Pro- 32 ject), Series 24Q7, to Provide Funds for a Senior Mu1ti-Family �ous- 33 ing Project;" and "Reso�ution Au�horizing �he Execution n� an As- 34 signment ofDevelopment Agreemen�C." 35 Ro�l Ca�� 36 Ayes; Kough; Pust; Ihlan; Roe and Klausing. 37 Nays; None. 38 39