Laserfiche WebLink
:ity of <br /> <br />MEMORANDUM <br /> <br />item #5.4. <br /> <br />TO: <br /> <br />FROM: <br /> <br />DATE: <br /> <br />SUBJECT: <br /> <br />Mayor & City Council <br /> <br />Lori Johnson, Finance Director <br /> <br />January 10, 2000 <br /> <br />Resolution Giving Preliminary Approval To and Calling a <br />Public Hearing on a Proposed Housing Program and <br />Housing Facilities Projects and the Proposed Issuance of <br />Revenue Bonds Therefor by the City of Elk River, <br />Minnesota, Pursuant to a Joint Powers Agreement to be <br />Entered into in Connection Therewith <br /> <br />Representatives of Guardian Angels have again requested that the city <br />participate in the issuance of revenue bonds for the Evans Park project, which <br />consists of construction of approximately 20 units of rental senior housing <br />located adjacent to the assisted living facility at Joplin Street and Highway 10. <br />The issue will be similar in all respects to the 1998 revenue issue whereby it is <br />undertaken through a joint powers agreement, more than one city or project is <br />involved, and Guardian Angels compensates the city for any increased interest <br />costs due to this issue causing the city to exceed the bank qualified limit. <br />These bonds are not an obligation of the city and are not considered part of the <br />city's outstanding debt. <br /> <br />Carol Mills will be present on Monday to present additional information on <br />this project. Guardian Angels Attorney Dick Helde may also be present to <br />answer other questions you may have. City staff has no concerns regarding <br />this project since it does not affect the city financially and since Guardian <br />Angels has agreed to reimburse the city for any additional interest cost on <br />future 2000 city bond issues due to this bond issue. <br /> <br />Action Requested <br /> <br />The City Council is asked to consider the attached resolution to call a public <br />hearing for January 24, 2000, to consider this issue. <br /> <br />s: \ council\ gabonds.doc <br /> <br />13065 Orono Parkway · P.O. Box 490 · Elk River, MN 55330 * TDD & Phone: (612) 441-7420 · Fax: (612) 441-7425 <br /> <br /> <br />