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'ity of <br /> <br />River <br /> <br />MEMORANDUM <br /> <br />item # 4.5. <br /> <br />TO: <br /> <br />FROM: <br /> <br />DATE: <br /> <br />SUBJECT: <br /> <br />Mayor and City Council <br />FLi°nrianS°eh;~enct or~~ <br /> <br />April 17, 2000 <br /> <br />Consider Resolution Providing for the Issuance and Sale <br />of Multi-Family Housing Revenue Bonds to Provide Funds <br />for Multi-Family Housing Project on Behalf of West <br />Suburban Partners to Limited Partnership <br /> <br />Last November the City Council held a public hearing on a proposal to adopt a <br />housing program to finance improvements to the Elk River Estates and Oak <br />Crest apartment buildings. Adoption of the attached resolution is the final step <br />in issuing the multi-family housing revenue bonds in the aggregate principal <br />amount of $3,600,000 to provide funds to the partnership for this project. As <br />you may recall, the city is in no way responsible for this debt obligation, nor <br />does this affect the city's bond rating or the city's outstanding debt. <br /> <br />Action Requested <br />The City Council is asked to approve the attached resolution providing for the <br />issuance and sale of multi-family revenue bonds to provide funds for a multi- <br />family housing project on behalf of West Suburban Partners to Limited <br />Partnership. <br /> <br />s: \ council\ mfambond.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 />