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City Council Regular Meeting Minutes March 12, 1996 Page 4 1 VIII. PUBLIC HEARING. 2 A. Preliminary Approval of the Issuance of Multifamily Housing Refunding Revenue 3 Bonds Relating to Chandler Place (Resolution 96-023). 4 Mr. Mike Miller, Administrator of Chandler Place was present 5 to address Council concerns. 6 Mayor Ranallo opened the public hearing at 7:14 p.m. 7 Mr. Miller reviewed the first year Chandler Place housing bonds are up for 8 reissuance. They want to pay off the bonds and are working on HUD guaranteed 9 tax exempt re-issuance. He requested the City authorize re-issuance of the bonds. 10 He stated this would only affect the Chandler Place building as it stands today. 11 Wagner stated the City has not received interest on the note in 10 years and stated 12 he would prefer the cash deposit option to the Letter of Credit. Mornson reported 13 the details will be negotiated. Wagner asked for the timetable of the project. Mr. 14 Miller stated they received expansion approval today. He does not anticipate any 15 problems and hopes groundbreaking will occur this summer. 16 Mornson stated typically in such an agreement as this one, options are offered. In 17 this instance, the Partnership will, at the closing of the refunding, pay the Obligee 18 on the TIF Loan $500,000 plus either a Letter of Credit in the amount of$100,000 19 or an additional cash deposit of$100,000 in exchange for a full satisfaction of the 20 TIF Loan together with accrued interest thereon. Wagner stated he would prefer 21 the cash deposit. Mornson stated he will review and come back to Council with a 22 recommendation. 23 Mr. Miller noted the first payment is due in December 1996. 24 Mayor Ranallo closed the public hearing at 7:20 p.m. 25 Motion by Wagner, second by Marks to adopt Resolution 96-023, regarding 26 preliminary approval of the issuance of multifamily housing refunding revenue 27 bonds relating to Chandler Place. 28 Motion carried unanimously. 29 B. 1996 Community Development Block Grant Funds (Resolution 96-022) 30 Mayor Ranallo opened the public hearing at 7:21 p.m.