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MiNO1~s <br />cicy council <br />May 26, 1982 <br />Senior <br />Citizen <br />Housing, <br />(Cont.) <br />The Planner felt that one of the nice things about the site was ~he <br />availability of par.king. <br />Mrs. Scal.ze asked how the City would go about working on obCaining <br />blocks grants. The City Clerlc replied that the City is proceeding <br />with this. The C1erk al.so stated that t:he closer the locati.on is <br />to shoping, ~he more poinCS are obtained when considered for block <br />grants. <br />Mrs. Gallaoher commented that when the building is designed she <br />woulcl hope that the seniors wi11 have some input. <br />The City Cl.erk requested that the Council name WestminisCer Corpora~ion <br />as the City's sponsor on this project. <br />Mrs. Scalze introduced the following resoluti_on and moved its adopt:ion: <br />RESOLU'PION N0. 82-5-279 - REQIJESTING THAT THP <br />WGSTMINISTER CORPORATION BE TI~IE CITY'S SPONSOR <br />AND iNSTRUC7'TNG Tk~AT'f.'ORNGY TO PREPARL' ANY <br />OTHER DOCUMENTS TIIA'L' ARS YERTAINZNG TO THIS <br />PROJECT <br />The Loregoing resolution was duly seconded by Mrs. Nardini. <br />Ayes (5) Scalze, Nar.dini, Hanson, I'ahey, Forsber.g. <br />Nayes (0). <br />3esoluCion declared adopCed. <br />7'his resolution appears i.n ResoluCion Book< No. 8, Page 231. <br />;lond Sal.e Mr. F3ob Sanders of Juran & Moody appeared before the Council. Mr. Sanders <br />reported that the City recei.ved Cwo bids on its bond sale of $1,475,000. <br />Agenda Mr. Sanders asked permission to open the bids, read them, and then check <br />Item No. 5 their accuracy. <br />Mr. Steve Matson oL Juran & Moody opened the bids and reported thaC the <br />first bid was from Aank Northwest in a syndicate with some other firms. <br />]3id details are: Purchase Yrice -$1,446,281.24; Total InCer.est Cost - <br />$1,384,048.76; Net Interest RaCe - 11.4930%. The second bid is Lrom <br />First National Rank ot Saint I?au1 in a syndicate wiCh A1lison Williams, <br />Blyth EasCman Paine Webber, and Piper Jaffrey & Hopwood. }3~id information <br />is: Purchase Price -$1,446,237.50; 'Potal. Interest Cos[ -$1,301,742.50; <br />Net Interest Raee - 10.809557%. <br />Mr. Matson then checked the accureicy of the First National I~ank bid <br />and reported that. it was accurate. <br />Mr. Sanders r.eported thaC the City has recei.ved an increased bond <br />rating of BAA1. Mr. Sanders al.so repor.ted that the Ci~y originaily <br />received three bids, but the thir.ct bid was withdrawn. <br />Page -3- <br />