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the project , or , if a favorable tax exempt ruling were <br /> forthcoming , to retest the market and again attempt to sell <br /> to private investors . <br /> Mr . Soth questioned Mr . Hoium' s use o.f the term• "G.O. bonds . " <br /> Mr . Hoium responded that he had misspoken and had meant to <br /> say revenue bonds . Mayor Sundland suggested that Evergreen <br /> should find out whether or not the notes were tax exempt and <br /> saleable before asking the City to issue revenue bonds . <br /> Council Member Ranallo pointed out that the investment market <br /> was different at the time the City issued bonds for Brighton <br /> Development and that the City was not at the same level of <br /> risk in doing so -at that time . Mr . Soth asked Mr . Hoium <br /> whether, if there were no investors willing to buy the notes <br /> which would be payable solely out of the tax increment <br /> revenues , how the situation would be improved by having a <br /> regular revenue bond issue if the City were not obligated on <br /> those bonds except out of the revenues of the increment . Mr. <br /> Hoium responded that they would look for a greater number of <br /> investors to invest $5 , 000 apiece . <br /> Council ifember Ranallo pointed out that the longer the <br /> project is delayed the less marketable the homes will become, <br /> comparing the Evergreen situation to the Kenzinq. Ron <br /> situation. <br /> Mr . Hoium responded that they anticipated that a third of the <br /> reserved sales would have to be resold , but it was his <br /> opinion that interest in the project existed. He felt that <br /> interest could be further stimulated by beginning to build as <br /> soon as possible before the end of this year ' s construction <br /> season. He expressed his wish that the meeting could have <br /> been more productive. <br /> Mayor Sundland asked that Evergreen pay the City the expenses <br /> that the City had incurred to date . Mr . Hoium responded that <br /> -Evergreen would abandon the project if that were required of <br /> them. <br /> Mayor Sundland asked for reaction from the Council to Mr . <br /> Ho'ium' s statement . Council Member Ranallo agreed with Mayor <br /> Sundland and commented that no further expenses should be <br /> incurred at this point . <br /> Ms . Sheehy pointed out that the financing had been approved <br /> and that they were ready to go with the project . Mr . Hoium <br /> emphasized that the impasse was reached when Evergreen <br /> decided they could not live with the language in the <br /> documents as drawn up by Dorsey and Whitney . <br />