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The maximum aggregate estimated principal amount of the bonds or other obligations to be <br />issued in one or more series to finance the Project pursuant to the housing finance program <br />will be approximately $10,000,000 (the "Bonds"). <br /> <br />The Project is currently anticipated to consist of the following units: <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />Phase I Update: <br />Phase I of the Twin Lake Blvd apartment development is underway and going well with <br />Precast installation complete, wood framing is underway at level 1, zone 1 and underground <br />plumbing continues to progress throughout the parking garage. <br /> <br />Precast installation: 100% <br />Waterproofing: 70% <br />Wood framing: 5% <br />MEP Underground: 5% <br /> <br />RECOMMENDED ACTION <br />To consider a resolution calling for a public hearing at a later date on a proposal for a housing <br />finance program and giving preliminary approval to the issuance of housing facility revenue <br />bonds to finance multifamily housing project and authorizing the publication of a notice of the <br />hearing (Lica Apartments Project) <br /> <br /> <br />Units <br /> <br />Number of Units <br />Square Footage <br />Per Unit <br />Estimated Initial <br />Rents Per Unit <br /> <br />1 BR/1 Bath 6 663 $582/month <br />1 BR/1 Bath 19 663 $1,175/month <br />2 BR/2 Bath 24 939 $1,489/month <br />3 BR/2 Bath 11 1,187 $1,717/month