08-26-92 Council Minutes - Laserfiche WebLink

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MINUTES CITY COUNCIL AUGUST 26, 1992 Scalze asked the size of the Bloomington project. Lindh replied that the Bloomington project is an 86-unit health care project with estimated cost of $7 1/2 million. The Little Canada project is a 92-unit senior housing complex with an estimated cost of $5 1/2 million. Scalze asked for explanation of Bloomington's $500 per unit charge. The City Administrator explained that these funds are charged by the Bloomington HRA to generate funds for other projects. The Administrator also pointed out that the bonds that will be considered by the City for financing of the projects are not a financial obligation of the City nor do they effect the City's credit rating. They require City approval in order to have tax-exempt status. Lindh pointed out that the City of Bloomington must hold a public hearing to consider whether or not to allow Little Canada to issue the bonds in their name. Lindh reported that the project has conceptual approval from the City of Bloomington. Mrs. Scalze introduced the following resolution and moved its adoption: RESOLUTION NO. 92-8-289 - CALLING FOR A PUBLIC HEARING ON PROPOSED HEALTH CARE PROJECT AND ISSUANCE OF REVENUE BONDS FOR SEPTEMBER 9, 1992 AT 7:30 P.M. The foregoing resolution was duly seconded by Blesener. Ayes (5) Scalze, Blesener, Collova, Hanson, LaValle. Nays (0). Resolution declared adopted. Mr. Blesener introduced the following resolution and moved its adoption: RESOLUTION N0. 92-8-290 - CALLING FOR A PUBLIC HEARING ON MUNICIPAL HOUSING PROGRAM INCLUDING CONSTRUCTION OF PROPOSED SENIOR HOUSING AND ISSUANCE OF HOUSING FACILITIES REVENUE BONDS The foregoing resolution was duly seconded by LaValle. Ayes (5) Blesener, LaValle, Hanson, Scalze, Collova. Nays (0). Resolution declared adopted. The City Administrator reported that the Council needs to call a public hearing to consider the creation of a Page 13