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MINUTES OF THE SPECLAL MEETING <br />CITY COUNCIL <br />LITTLE CANADA, MINNESOTA <br />DECEMBER 2, 1997 <br />Pursuant to due call and notice thereof a special meeting of the City <br />Counci( of Little Canada, Minnesota was heid on the 2°d day of December, <br />1997 in the Council Chambers of the City Center located at 515 Little <br />Canada Road in said City. <br />Mayor Michael I. Fahey called the meeting to order at 6:30 P.M. and the <br />following members of the City Council were present at roll call: <br />CITY COLTNCIL: <br />ALSO PRESENT: <br />Mayor <br />Council Member <br />Council Member <br />Council Member <br />Council Member <br />City Administrator <br />City Attorney <br />Deputy Clerk <br />Mr. Michael I. Fahey <br />Mr. Steve Morelan <br />Mr. Jim LaValle <br />Mr. Bob Pedersen <br />(arri ved 6:35 P.M.) <br />Mrs . Beverly Scalze <br />Mr. Joel R. Hanson <br />Mr. Thomas Sweeney <br />Mrs. Kathy Glanzer <br />HOUSING Mayor Fahey opened the pub(ic hearing to consider the approval of <br />REVENUE issuance of multifamily housin~ revenue bonds for the Housing <br />BONDS - Alternatives Development Company Project. This transaction involved <br />HOUSING the purchase and renovation of the Montreal Courts Apartments by <br />ALTERNATIVES Housing Alternatives Development Company, a non-profit corporation. <br />DEVELOPMENT It was noted that Goldmark Investment Company would manage the <br />COMPANY - apartment complex for HADC. <br />MONTREAL <br />COURTS Jim Echtenkamp, Goldmark Investment Company, appeared before the <br />APARTMENTS Council and reported that HADC is agreeable to the terms and conditions <br /> as previously set forth and subsequently modified by the Administrator's <br /> memo dated November 26, 2997 as a condition of approval of the tax- <br /> exempt bonds, including the installation of sprinkler systems in the <br /> buildings. <br />Mary Ippel, Brig~s and Morgan, reported that the loan agreement will <br />include the langua~e requirin~ the installation of the fire safety system. <br />The fees being required by the City will be included in the regulatory <br />a~reement that will be recorded against the real estate. <br />