02-14-96 Council Minutes - Laserfiche WebLink

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MINUTES CITY COUNCIL FEBRUARY 14, 1996 Morelan agreed the discussion took place two years ago, and that Dominium answered his questions vaguely saying they would look into sprinkling the building. The City Administrator reported that he raised issue with Dominium Group a couple of weeks ago. The . Administrator pointed out tabling action on the tax exempt bonds may delay Dominium's closing. Fahey stated he would be willing to call a special meeting to act on the financing when Dominium is prepared to respond to the Council's questions. Pedersen suggested Dominium's response will be that the retro-fitting will cost too much money. Pedersen asked if the Council will then be prepared to take action on the tax exempt bonds. Morelan replied he would like to see the facts and figures indicating that retro-fitting will cost too much. Fahey pointed out the City has the issuance fee which can be used to defray the cost. The Administrator felt it was appropriate to discuss sprinkling the building, and pointed out the request for approval of the tax exempt financing was presented with little notice. At the time it was presented, the Administrator indicated he raised the issue of sprinkling the buildings. The potential insurance savings was also pointed out to Dominium, as well as the modified approach undertaken at Grand Pre'. Scalze suggested Dominium also provide information on what the CM fee will be used for. LaValle suggested that Dominium copy the Council with any expenditures the Trustee makes. The Administrator pointed out for the benefit of the general public that housing revenue bonds are not an obligation of the City. The City would merely be authorizing tax exempt status for the bonds. Mr. LaValle introduced the following resolution and moved its adoption: RESOLUTION NO. 96-2-35 - TABLING ACTION ON A PROPOSAL 5