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MINUTES <br />CITY COUNCIL <br />SEPTEMBER 9, 1992 <br />ANNOUNCE- Hanson reminded the viewing audience that September <br />MENTS 15th is the State Primary Election as well as the <br />election on the School District #623 bond referendum. <br />Hanson reported that voters are encouraged to bring a <br />donation of non-perishable food items for local food <br />shelves. There will be collection boxes at each of the <br />City's three precincts. <br />Hanson requested that senior citizens interested in <br />forming an exercise class contact City Hall for <br />additional information. <br />SENIOR Hanson opened the public hearings to consider municipal <br />HOUSING housing program to provide financing for a senior <br />PROJECT - housing development as well as to consider approval of <br />PRESBYTERIAN a proposed health care facilities project and issuance <br />HOMES of revenue bonds on behalf of Presbyterian Homes. <br />Mr. Daniel Lindh, Presbyterian Homes, appeared before <br />the Council and reported that the revenue bonds being <br />requested this evening for financing of a senior <br />housing project in Little Canada, and a health care <br />facilities project in Bloomington, would not become an <br />obligation of the City. The Little Canada project <br />would consist of a 92-unit, possibly 93-unit, senior <br />housing building with common areas. The Bloomington <br />project is a 4-phase project begun in 1984. Two phases <br />are completed, and the third is proposed as an 86-unit <br />health care facilities alternative to a nursing home. <br />The Little Canada project would be a 92/93 unit <br />moderate rate rental housing project. Units would <br />range from 760 square feet in size to 1120 square feet. <br />Rents would range from $460 per month to $770. There <br />will be five different types of rental units. <br />Two-thirds of the building will consist of one-bedroom <br />units, with the remaining one-third two-bedroom units. <br />Lindh reported that financing of the projects are being <br />combined for economic reasons. There will be an <br />approximate $70,000 savings in underwriting and <br />issuance costs by combining the bond issues, and this <br />savings will accrue to the Little Canada project and <br />will be used to achieve lower rents. <br />Lindh reported that it is anticipated that <br />Page 2 <br />