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1 REGULAR COUNCIL MEETING <br /> JULY 14 , 1992 <br /> PAGE 7 <br /> 4 <br /> 5 <br /> 6 that the Columbia Heights Engineer is presently drafting <br /> 7 an ordinance which would address requirements for closing <br /> 8 of the boat landing. With this ordinance in place the <br /> 9 closing would be done automatically when the water levels <br /> 10 are high without the need for residents ' calls . The <br /> 11 requirements would be posted at the boat landing. <br /> 12 <br /> 13 <br /> 14 8 . PUBLIC HEARINGS <br /> 15 <br /> 16 A. Autumn Woods Partners Limited Refunding Revenue Bonds <br /> 17 (Resolution No. 92-033) <br /> 18 <br /> 19 The Public Hearing was opened at 7 : 55 p.m. <br /> 20 <br /> 21 The purpose for conducting a public hearing is the proposal <br /> 22 that the City issue refunding revenue bonds in order to refund <br /> 23 the City' s Housing and Redevelopment Revenue Bonds (St . <br /> 24 Anthony LaNel Project ) which were issued by the City to <br /> 25 finance the acquisition and construction by St . Anthony LaNel <br /> 26 of Autumn Woods . Autumn Woods, a multi-family rental housing <br /> development , owned by the Partnership and containing 201 <br /> housing units , is located at 2600 Kenzie Terrace. <br /> 30 In connection with the issuance of the bonds, ownership of <br /> 31 Autumn Woods will be transferred by the Partnership to Autumn <br /> 32 Woods Partners Limited Partnership. <br /> 33 <br /> 34 The City Attorney advised that with this refinancing there <br /> 35 will be more equity money put into the project by the <br /> 36 developers and the new partners . Two million, five hundred <br /> 37 thousand dollars will be put into the project and the interest <br /> 38 rate will be reduced. He also advised that this refunding has <br /> 39 no risk to the City nor does the City bear any liability. <br /> 40 <br /> 41 Councilmember Marks arrived at the meeting at 7 : 57 p.m <br /> 42 <br /> 43 The Public Hearing was closed at 7 : 59 p.m. <br /> 44 <br /> 45 Motion by Wagner, second by Enrooth to adopt Resolution No. <br /> 46 92-033 which i.s a resolution authorizing issuance and sale of <br /> 47 Housing Redevelopment Refunding Revenue Bonds (Autumn Woods <br /> 48 Project ) , Series 1992 , and authorizing the execution of <br /> 49 necessary documents . <br /> 50 <br /> 51 Motion carried unanimously <br /> 52 <br />