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City Council Meeting Minutes March 15, 1982 Page 4 the Tamarack Subdivision and the request for industrial revenue bond financing, and then the discussion would be opened to the public for questions and opinions either for or against the project. The Mayor further indicated that the City Attorney was present to answer any legal questions. The City Administrator indicated that on April 2, 1979, the City Council approved a preliminary resolution which authorized the issuance of industrial revenue bonds to finance the construction of single-family homes in the Tamarack Subdivision. The City Administrator further indicated that the Council vote on the approval of the resolution was 2-1, Councilman Toth opposed. The City Administrator further indicated that since April 2, 1979, the state and federal governments have passed legislation which severely restricts issuance of industrial revenue bonds for single family housing; but recently, the state legislature adopted a bill which gave certain specific communities the right to issue industrial revenue bonds for single family housing by granting a limited grandfather right to certain preliminary reso- lutions and allowing said issues to proceed under rules in effect prior to April 1979. The City Administrator further indicated since the recent legislation, the developers of the Tamarack Subdivision had renewed interest in the project and are asking the City to approve the industrial revenue bonds for the single family hous- ing in the Tamarack Subdivision. Mr. Dick Carson presented the City Council with a copy of correspondence and other relevant information that has been generated since April of 1979, and also a fact sheet regarding the development. Mr. Carson also introduced Mr. Mark Haggerty of Miller-Schroeder, and Mr. Jim Casserly from O'Connor and Hannan, who would later further explain the mechanics of the financing of the project and answer questions. Mr. Dick Carson indicated that as outlined on the fact sheet, the project would pro- vide lower than market interest rates for housing. It would provide additional jobs; it would increase the school enrollment; it would increase the tax base; it would renew the home buyers' market and it would provide long-term financing at low in- terest rates for home mortgages. Mr. Dick Carson further indicated that the in- dustrial revenue bond financing for the single family homes would not be a problem or present some liability for the City of Elk River~as the City only lends its name to the issuance of the bonds to provide tax exempt interest earnings to the purchaser. Mr. Dick Carson indicated that Miller-Schroeder is working with the City of Coon Rpaids on a 30 million dollar issue for single family housing, and further indicated that he would like to proceed as rapidly as possible for industri- al revenue bond financing for the Tamarack Subdivision project. Mr. Dick Carson indicated that the Tamarack Subdivision is owned by NDH, Inc. and he is working with them as a developer for the project. Mr. Dick Carson further indicated that the development has received plat approval from the City of Elk River. Mr. Dick Carson indicated that the industrial revenue bond financing can be for NDH or Car- son and assigns, for the Tamarack Subdivision and further indicated that 94 single family homes are proposed with 72 acres of developed park area. Mr. Mark Haggerty of Miller-Schroeder Municipals, Inc., security underwriters, in- dicated that the resolution adopted by the Elk River City Council April 2, 1979, specifically indicated Tamarack Subdivision in the resolu~ion and as such, the funds must be used only in Tamarack. Mr. Haggerty indicated that he felt the bonds could be marketed and further indicated that the development would have to be opened to other developers and builders. Mr. Haggerty further indicated that the