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MINI7TES <br />CITY COUNCIL <br />JULY 13, 1994 <br />TAX EXEMPT The City Administrator reported that Briggs and Morgan <br />MORTGAGE has submitted for Council approval a preliminary <br />REAENUE resolution for issuance of tax exempt mortgage revenue <br />BONDS bonds. Mary Ippel of Briggs and Morgan called today <br /> indicating that the bond amount should be $4,250,000 <br /> rather than the $4,000,000 in the resolution before the <br /> Council. The Administrator reported that these bonds <br /> are not an obligation of the City and do not impact the <br /> City's finances. The bonds involve a property <br /> rehabilitation project which will result in increased <br /> tax base for the City. The Administrator reported that <br /> it is his recommendation that the preliminary <br /> resolution be adopted subject to the City's imposition <br /> of a fee schedule to cover the City's costs in <br /> processing these items. <br />Morelan asked if these bonds presented any liability to <br />the City. <br />The City Attorney replied that they did not. <br />Paul Sween, Dominium Companies, reported that the <br />proceeds from the bonds would be used for rehab of the <br />Provinces Apartments. Up to $3,500 per unit will be <br />expended. Sween reported that the City is not <br />responsible for the bonds. Issuance of the bonds will <br />result in an improvement project that enhances the tax <br />base of the City. Rehabilitation of the Provinces <br />avoids the possibility that the complex will fall into <br />a state of disrepair. <br />Morelan asked the type of improvements that the <br />renovation will include. <br />Sween reported that Dominium Companies is in the <br />process of having an engineering study of the complex <br />done to identify the necessary improvements. Sween <br />reported that Dominium Companies has undertaken similar <br />projects in the past, and typically they address the <br />mechanical structures first. Roofs, parking lots, <br />garages, and then the apartment units themselves are <br />addressed. Within the individual units items such as <br />carpeting, cabinets, and windows are upgraded. <br />Morelan asked if the fire suppression system would be <br />upgraded. Morelan pointed out that the City has <br />adopted Appendix E which would require buildings to be <br />sprinkled if a certain amount of improvements are being <br />14 <br />