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515 Little Canada Road, Little Canada, MN 55117 -1600 <br />(612) 484 -2177 / FAX: (612) 484 -4538 <br />November 22, 1996 <br />MAYOR <br />Michael I. Fahey <br />COUNCIL <br />Beverly Scalze <br />Jim LaValle <br />Steve Morelan <br />Bob Pedersen <br />ADMINISTRATOR <br />Joel R. Hanson <br />TO: Mayor Fahey and Members of the City Council <br />FROM: Joel R. Hanson, City Administrator <br />RE: Call for Public Hearing - Cedars Lakeside Apartments <br />Refinancing <br />City assistance has been requested in the refinancing of the <br />Cedars Lakeside Apartments through the issuance of multifamily <br />housing revenue refunding bonds. The principal amount of the <br />bonds to be issued is $7,000,000 (tax- exempt) and $400,000 <br />(taxable). These bonds will not constitute a charge, lien or <br />encumbrance upon any property of the City except for the Cedars <br />Lakeside Apartments. <br />If the Council is agreeable, a public hearing should be called <br />for Wednesday, December 18, 1996, at 7:30 P.M. <br />Based on the fee schedule previously adopted by the Council for <br />tax exempt financing, I am estimating that this refinancing will <br />generate approximately $17,500 for the City. <br />Page 54 <br />