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MINUTES <br />CITY COUNCIL <br />DECEMBER 18~ 1996 <br />CEDARS Housing Revenue Refunding Bonds Series 1996A, and <br />LAKESIDE $391,100 Multifamily Housing Revenue Bonds Series 1996B <br />APARTMENTS for the Cedars Lakeside Apartments Project. Fahey <br />PROJECT noted that these bonds are a common financing tool and <br /> the bond proceeds will be used for the renovation of <br /> the Cedars Lakeside Apartments. City approval of the <br /> bonds does not place any City funds at risk. Fahey <br /> also noted that the EDA will conduct the public hearing <br /> this evening. No formal action will be taken since the <br /> closing on the bonds has been postponed until January. <br /> There was no one from the general public present <br /> wishing to comment on this matter. <br /> Upon motion by Morelan, seconded by Scalze, the public <br /> hearing was closed. <br /> The City Administrator reported that formal action will <br /> be brought back to the EDA at a future meeting. <br />PUBLIC Fahey opened the joint public hearing of the EDA and <br />HEARING the City Council to consider the modification of <br />OF THE EDA development programs for Development Districts Nos. 1 <br />AND CITY and 2 and Tax Increment Financing Plans for TIF <br />COUNCIL - Districts Nos. 1-1, 1-2, and 2-1. <br />TIF <br />AMENDMENTS Rusty Fifield, Fiscal Advisor, summarized the <br /> amendments to Development District No. 1, Tax Increment <br /> Financing District No. 1-1 (Thunder Bay), and Tax <br /> Increment Financing District No. 1-2 (North Star Turf). <br /> These amendments expand the boundary of Development <br /> District No. i to include the entire City, allow all <br /> parcels in the Development District to be eligible for <br /> acquisition, increase the amount of estimated public <br /> development costs in both TIF districts, and increase <br /> maximum bonded indebtedness. In summarizing the <br /> amendments to Development District No. 2, TIF District <br /> No. 2-1 (Country Drive), Fifield pointed out that the <br /> boundaries of Development District No. 1 will be <br /> expanded to include the entire City, and all parcels in <br /> the Development District will be eligible for <br /> acquisition. <br /> There was no one present from the general public <br /> wishing to comment on this matter. <br /> Upon motion by LaValle, seconded by Scalze, the public <br /> hearing was closed. <br /> Mr. LaValle introduced the following resolution of the <br />