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F. <br /> 3 <br /> Idayor Sundland expressed his concerns about the element of <br /> risk to the City and its taxpayers involved in issuing bonds . <br /> He pointed out that the City was not eager to risk its money <br /> in the project if private investors were not . Council Member <br /> Enrooth stated that because this. issue had never before been <br /> addressed by the Council that the exact risk exposure to the <br /> City was unknown. <br /> Ms . Sheehy offered that infor;nation that 22 of the 37 units <br /> had already been reserved, evidencing interest by the public . <br /> Mr . Hoium indicated that up until now, Evergreen had been <br /> trying to market the notes under the assumption that they <br /> would be tax exempt . He indicated that Holmes and Graven <br /> would give the opinion that the notes were tax exempt <br /> providing the documents were drawn up appropriately. Mr . <br /> Enrooth responded that "appropriateness" was a matter of <br /> one ' s position . <br /> Mr . Soth defined the problem as the City being asked to be <br /> responsible for the soil correction work, which he advised <br /> against , but stated that the City would consider the proposal <br /> if a way could be found around that issue . Council Member <br /> Ranallo agreed that the developer should be the one to bear <br /> the burden of the responsibility for soil corrections . Mayor <br /> Sundland asked for reaction from the rest of the Council to <br /> that comment . <br /> Council I•iember Narks agreed that the City should not be <br /> liable for the soil correction work, even though they would <br /> like to see the project go ahead . He pointed out that , <br /> fortunately, the City is in a secure enough financial <br /> position that it does not need to undertake great risks in <br /> order to generate revenue . <br /> Council Member Enrooth indicated that the Council ' s intention <br /> has always been to facilitate such matters as much as <br /> possible , but that their prime consideration has always been <br /> to minimize or eliminate , preferably, risk to the City. <br /> Council Member MaKowske offered her support of the opinions <br /> voiced by her fellow Council Members , and said that the City <br /> can be a partner with developers in ways that would not put <br /> it at risk . <br /> Mr . Hoium asked that the Council whether, assuming that <br /> Evergreen could not sell the notes , the City would consider <br /> doing a bonding proposal similar to what was done for <br /> Brighton Development . Mayor Sundland asked Mr . Hoium what <br /> their position would be if the City refused . Mr . Hoium <br /> indicated that their alternatives would be to either abandon <br />