PL PACKET 01191988 - Laserfiche WebLink

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i i 1 - *walkways be provided from Coolidge Street and.•Kenzie Terrace • 2 ...through the.-project to- the shopping center, as proposed by. the . 3 developers for the convenience of -the area .residents.; - 4 *restriction of construction between .7 : 00 P.M. and 7 : 00 A.M. to 5* avoid.' unnecessary disruption of the -neighborhood. 6 The Council also concurs with the Commission recommendation that the 7 Final Plan for the project should address lighting and signage for 8 the project as well as provision for. resident storage in the buildings 9 and interior walkways within the project. 10 Motion carried unanimously. 11 Mr. Childs advised that the Final Plan, including construction plans , 12 . etc . , would have to be - submitted by the redeveloper prior to the 13 placement of the revenue bonds. 14 Redeveloper Discusses Financing Problems Due to Raise in Bond Interest 15 Rate 16 Mr. Hamel indicated that his firm had anticipated paying .8-1/2a for a 17 10 year unrated, non-credit enhanced bond issue with a 30 year amor- 18 tization, but those rates had been raised to 9-1/2% and on October 19 19th, the same day the neighborhood meeting had been held, Norwest of 20 St. Paul had raised their charges for backing a Letter of Credit from • 21 to to 20 for bonds outstanding for more than one year. 22 The Gaughan' Company President told the Councilmembers his company 23 intended to use every tool they had available to pursue the project 24 and would continue looking for a financial program which would work 25 with the construction and developing costs and rents anticipated for 26 the project. He added that the bond overwriters have said they 27 anticipated better interest rates after the first of the year. 28 29 Council Accepts Revised Grading Plans for Evanson Project 30 David Evanson was present to discuss the minor change in elevations in 31 the plat approved for the parcel of . land he owned in the 3500 block 32 between Silver Lake Road and Belden Drive . The Council agenda 33 contained copies of the original and revised grading plans , as well as 34 the City Manager ' s November 2nd memorandum to the Planning Commission 35 members . 36 Commissioner Wagner indicated the Commissioners had perceived the 37 revisions actually represented an improvement' in the drainage and 38 recommended Council approval . 39 Mr. Evanson assured Councilmember Enrooth that he had cleared the 40 changes with both Mr.- Larwick and Mr. Forsberg after the Planning 41 Commission meeting and both had indicated they found the changes made 42 his project more palatable . • 6