Laserfiche WebLink
MINUTES <br />CITY COUNCIL <br />October 25, 1989 <br />regarding financing of a senior citizen project. <br />Cohodes reported that their first comment was whether <br />or not the City wanted such a project, and secondly, is <br />it feasible. Cohodes reported that Lee Maxfield has <br />given a preliminary opinion that such a project would <br />be feasible. <br />Cohodes stated that she would like the City Council to <br />suggest which consultants Miller and Schroeder should <br />work with to review financing options that are <br />available. Cohodes agreed that there are some <br />financing options that would be of risk to the City, <br />however, agreed that the conduit financing is <br />non-recourse. Cohodes stated that she would like to <br />work in conjunction with the City's consultants and <br />present the results to the Council at a study session. <br />Cohodes stated that conduit financing in conjunction <br />with TIF would be a viable form of financing, however, <br />reported that there is only a small pool of money <br />available for this type of financing. Cohodes reported <br />that there are other options, and the issue needs <br />study. <br />Cohodes stated that with regard to the newspaper <br />articles, Miller & Schroeder has a position paper on <br />these articles, which it would like to send to the <br />City. Cohodes reported that Miller & Schroeder is one <br />of the largest underwriting firms in the country, and <br />in terms of numbers, there are some projects that do <br />not go as well as others. However, this is an <br />industry-wide situation. Cohodes stated that she is <br />not aware of which articles the Council has been <br />presented with, but has seen some that were a little <br />tainted, and used three-year-old information. <br />Fahey stated that with regard to the concept of a <br />senior citizen building, the City is interested, <br />assuming that it can be demonstrated that there is a <br />market and sound financing available. Fahey stated <br />that he may be more eager than other Councilmembers to <br />retain some City control in the project, however, the <br />City Planner has pointed out the risks in doing so. <br />The Council discussed which of the City's staff would <br />be the most appropriate to work on this issue, and it <br />was the concensus of the Council that the matter should <br />be dealt with by the new City Administrator. Scalze <br />also felt that the City Auditor, Briggs and Morgan, the <br />City Planner and perhaps City Attorney should be <br />involved. <br />Page 21 <br />