11-12-97 Council Minutes - Laserfiche WebLink

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MINUTES CITY COUNCIL NOVEMBER 12, 1997 Morelan asked if the process was bein~ handled properly questioning whether a variance procedure was necessary. The City Administrator replied that staf~'was of the assumption that Council approval was necessary for the size of the size. However, after further review of the ordinance it appears that a text amendment would be necessary to permit the Council to approve si~n size exceedin~ that specified in the Code for informational/directional signs. The Administrator recommended approval of the Knox request, and suggested that the Council address the text amendment issue at a future meeting. Mr. Morelan introduced the following resolution and moved its adoption: RESOI,UTION NO. 97-1I-270 -APPROVINC THE KNOX REQUEST FOR A 4 FOOT I3Y 40 FOOT INFORMATIDNAL DESIGNATING THEIR CONTRACTOR SUPPI.YENTRANCE The foregoing resolution was duly seconded by Scalze. Ayes (5) Morelan, Scalze, Fahey, Pedersen, LaValle. Nays (0). Resolution declared adopted. MONTREAL Mr. Jim Echtenkamp, Goldmark Investment Company, appeared before COURTS the Council regarding the purchase of the Montreal Courts apartment TAX EXEMPT complex by Housing Alternatives Development Company. Echtenkamp FINANCING reported that Goldmark Investment Company would be managing the complex. HADC is proposing to purchase Montreal Courts with tax exempt housin~ revenue bonds that require City approval. Echtenkamp reported that the request this evenin~ is for Council approval of an inducement resolution granting preliminary approval to the project and the issuance of the housing revenue bonds. Echtenkamp reported that HADC is seeking $20,000,000 in bonds. HADC is proposin~ to spend $1,100,000 in capital improvements, approximately $620,000 in fire suppression and life and safety upgrades, and approximately $450,000 in funded capital reserves. They are also requesting that the City agree to waive its 1% bond issuance fee. HADC is also proposing to make an additional payment to the City in an amount equal to 14% of the decreased real estates ta~ces as determined annually from the real estate amount. Echtenkamp pointed out the City's preference that these bonds be issued in 1997; therefore, it is necessary that preliminary action be taken this evenin~ with final action within the next few weeks. Fahey suggested that the basis for the 14% payment compensating the City for decreased real estate taxes be the year 1998. Echtenkamp agreed.