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MINUTES <br />CITY COUNCIL <br />AUGUST 26, 1992 <br />The City Administrator noted that the drainage system <br />will become a City system. He suggested, therefore, <br />that St. Jude hold the City harmless during the <br />installation of the system. <br />Mr. LaValle introduced the following resolution and <br />moved its adoption: <br />RESOLUTION N0. 92-8-288 - APPROVING THE S00 LINE <br />RAILROAD PERMIT FOR ST. JUDE MEDICAL DRAINAGE SYSTEM <br />SUBJECT TO ST. JUDE HOLDING THE CITY HARMLESS DURING <br />INSTALLATION OF THE SYSTEM, AND AUTHORIZING THE MAYOR <br />AND CITY ADMINISTRATOR TO EXECUTE THE AGREEMENT ON <br />BEHALF OF THE CITY <br />The foregoing resolution was duly seconded by Blesener. <br />Ayes (5) LaValle, Blesener, Collova, Hanson, Scalze. <br />Nays (0). Resolution declared adopted. <br />PRESBYTERIAN The City Administrator reported that it is necessary <br />HOMES to call for two public hearings to consider the <br />SENIOR issuance of housing revenue bonds in connection with <br />HOUSING the Presbyterian Homes senior housing project. The <br />PROJECT first hearing is for a health care project that <br />Presbyterian Homes is planning in the City of <br />Bloomington, and the second hearing is for the Little <br />Canada project. The Administrator reported that the <br />Bloomington project is included because of savings that <br />can be realized in underwriting and bond issuance <br />costs. The Administrator stated that this is a good <br />way to generate some cost savings to the project that <br />will benefit the future tenants of our project. <br />Blesener stated that he felt uncomfortable using Little <br />Canada's name to sell bonds for a project in another <br />city unless we can show that the cost savings are all <br />going towards the Little Canada project. Blesener <br />indicated that he thought that Bloomington charged a <br />certain percent of project costs for selling such <br />bonds. <br />Dan Lindh, Presbyterian Homes, reported that the <br />Bloomington Housing and Redevelopment Authority charged <br />$500 per unit for the issuance of housinq bonds. These <br />charges will be saved if Little Canada issues the <br />bonds. There will also be a cost savings in <br />underwriting and legal fees by combining the projects. <br />Lindh reported that it is their intent to direct 100% <br />of the savings realized to the benefit of the Little <br />Canada project. Lindh pointed out that the Little <br />Canada project is geared toward moderate rents, and <br />this savings is needed to make the project work. <br />Page 12 <br />