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REQUEST FOR COUNCIL ACTION Date: 8il 912002 Item No: V. F. Department ApprovaL �_ Manager Approved: Agenda Section: � jReports & Recommendations�, Item Description: Setting a Public Hearing to Acknowledge the Expenditure of Tax-exempt Funds by Wingspan Inc. Background As the Council may be aware, State Statute provides for the issuance of tax-exempt bonds by municipalities for the benefit of housing initiatives. If a municipality expects to issue or receive tax- exempt bond proceeds, either directly or indirectly, it is required by federal law to hold a public hearing. The City of Little Canada is proceeding with the issuance of tax-exempt bonds for the benefit of Wingspan Inc., based in Little Canada. Wingspan Inc. provides housing for persons with disabilities, and is proposing to spend a portion of their proceeds on housing initiatives in Roseville. Because tax-exempt monies issued by another municipality are being spent in the City of Roseville, a public hearing is required. The plan submitted by Wingspan Inc., calls for the expenditure of $170,000 for a 4-bed supervised living health care facility located at 2939 Troseth. The purpose of the public hearing is to allow for public comment on the proceeds to be expended. No special action is required by Council at the hearing. The process entails opening a public hearing, allowing for public comment (if any), and closing the public hearing. Attachment Enclosed is a Resolution and Notice setting the public hearing, as prepared by Bond Counsel. Staff Recommendation Staff recommends the Council set a public hearing to acknowledge the expenditure of tax-exempt funds by Wingspan Inc. in the City of Roseville. Council Action Requested Motion to establish a public hearing for September 23, 2002, for the purposes of acknowledging the expenditure of tax-exempt funds by Wingspan Inc.