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MINUTES <br />CITY COUNCIL <br />NOVEMBER 12, 1997 <br />Mr. LaValle introduced the following resolution and moved its adoption: <br />RESOL UTION NO. 97-T 1-271- APPROVING THE RESOI, UTION <br />RECITING A PROPOSAL FOR FINANCING PROGRAM FOR A <br />MULTIFAMII,YRENTAI, HOUSING DEVELOPMENT PROJECT, <br />GIVING PRELIMINARYAPPROVAL TO THE PROJECT AND THE <br />ISSUANCE OFHOIISING REVENUE BONDS, PURSDANT TO <br />MINNESOTA STATUTES, CHAPTER 462C, AND AUTHORIZING <br />THE PREPARATION OF A HOUSING PROGRAM (HOUSINC <br />ALTERNATIVES DEVELOPMENT COMPANY PRO.IECT) AND <br />CALLING FOR A PU73I.IC HEARING TO CONSIDER FINAL <br />APPROYAI.ON TUESDAY, DECEM73ER 2, 1997AT 6:30 P.M. <br />The foregoing resolution was duly seconded by Scalze. <br />Ayes (5) LaValle, Scalze, Fahey, Morelan, Pedersen. <br />Nays (0). Resolution declared adopted. <br />The City Administrator pointed out that these housing revenue bonds will <br />not be a City debt and are not taxpayer supported. The bonds will be <br />solely the obligation of HADC. The City merely provides a conduit for <br />the financing. <br />Fahey pointed out that the benefit to the City in approving the bonds is <br />that major improvements and renovation will be made to an existing <br />property within the City. A sprinkler system will be installed at the <br />complex, and that is an important life safety improvement. <br />Morelan pointed out that there will be requirements for a certain <br />percentage of tenants to meet low income levels. However, these <br />requirements are already being met. <br />COUNTRY The City Administrator reported that Franklin Drywall is requesting <br />DRIVE that the City purchase their property on Country Drive for an amount <br />PROPERTY between $105,000 and $115,000. The City Administrator recommended <br />ACQUISITION- that an appraisal be obtained for this property. That appraisal would <br />FRANKLIN serve as the basis of any offer the City might make on the property. <br />DRYWALL <br />Mr. Morelan introduced the following resolution and moved its adoption: <br />RESOI.UTIONNO. 97-11-272 -AUTHORIZING THE CITY <br />ADMINISTRATOR TO ORDER AN APPRAISAI, OF THE <br />FRANKI.IN DRYWAI.I. PROPERTY I.OCATED ON CODNTR X <br />DRIVE <br />