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• CITY OF FALCON HEIGHTS MINUTES June 8, 2005 Mayor Gehrz convened the regular City Council meeting at 7:00 PM. PRESENT: Mayor Sue Gehrz, Council members Laura Kuettel, Robert Lamb, Peter Lindstrom and Richard Talbot Also present: City Administrator Heather Worthington, Bond Counsel Trudy Halla, Briggs and Morgan; Financial Consultant Brian Nelson, Oppenheimer Wolff and Donnelly; Fire Chief Clem Kurhajetz, Second Assistant Fire Chief Mark Allen and Mary Shea Kodluboy, Deputy Clerk COMMUNITY FORUM: There was no commentary from the audience. PRESENTATIONS: None Scheduled APPROVAL OF MINUTES: Kuettel moved that the following corrections be made under Presentations on page one, first paragraph: Line two, for girls 15-18 years of age; Line six, grades 6-12; Line six, fitness and media influence on youn~ women. The motion was unanimously approved. PUBLIC HEARINGS: Public hearing on a housing program and the issuance of multifamily housing revenue bonds to finance a housma program under Minnesota Statutes Chapter 462C Mayor Gehrz said the public hearing this evening is about a housing program and the issuance of multifamily housing revenue bonds to finance a housing program under Minnesota Statutes, Chapter 462C. This is complicated because the Council will not be talking about housing in Falcon Heights but will be talking about a joint powers agreement between the cities of Falcon Heights and Hutchinson. She described the public hearing protocol that would be followed. Administrator Worthington said that at its February workshop, the Council discussed the issue of conduit bonding as an alternate revenue source for Falcon Heights. The City has the authority to conduit issue up to $10 million in bank-qualified, tax-exempt 501(c)3 bonds each year. The City lends its authority to a qualified non-profit, tax-exempt entity, and can take an administrative fee in return for lending this authority. Maplewood Senior Housing has agreed to a fee of $25,000, or slightly less than .5% of the total issue of $5,500,000. There is no financial risk or repayment liability to the City and this conduit bonding does not affect the City's bond rating. The City of Hutchinson, Minnesota, is asking Falcon Heights to utilize its conduit bonding authority in order to help with the issuance of housing bonds for Maplewood Senior Housing, Inc., a Minnesota non-profit corporation and tax-exempt 501(c)3 organization.