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City Council Regular Meeting Minutes 08 June 22, 2004 Page 8 1 2 Councilmember Faust noted his concern once more regarding the colors. He stated that he has 3 confidence in the design team with regard to choosing the colors, however, his concern lies with 4 the public. He stated that`what is shown is what will sell', therefore, if there is a deviation from 5 the original plan it needs to be pointed out to the public. 6 7 Motion by Councilmember Faust, seconded by Councilmember Thuesen, Adopting Resolution 8 04-049, Relating to the Northwest Quadrant Redevelopment Project, Approving the Final 9 Development Plans for the Dominium Housing Project and the Hunt/Pratt Housing Project and 10 the Final Platt for the Hunt/Pratt Project. 11 12 Motion carried unanimously. 13 14 VI. GENERAL POLICY BUSINESS OF THE COUNCIL. 15 1. Resolution 04-0505, Issuing Tax Exempt Financing Bonds for Dominion—J. Lindgren, 16 Dorsey&Whitney presenting. 17 Mr. Lindgren of Dorsey and Whitney, addressed the Council regarding the fact that the City has 18 received a request from St. Anthony Leased Housing Associates I, Limited Partnership (the 19 "Partnership") that the City issue tax-exempt revenue bonds under Minnesota Statutes, Chapter 20 462C, to finance a portion of the costs of the acquisition,'construction and equipping of a 21 261-unit multifamily housing development (the "Development") located at the former Apache 22 Plaza Mall site in the City. 23 24 Mr. Lindgren stated that the bonds are proposed to be issued in a principal amount not to exceed 25 $37,500,000, and will bear interest at a variable rate. He added the bonds will be secured by 26 credit enhancement provided by a bank or other financial institution, and based on such credit 27 enhancement will be rated by a national rating service. He noted the Partnership is requesting 28 that the City Council adopt a resolution preliminarily approving the issuance of the bonds at this 29 meeting. 30 31 Mr. Lindgren indicated the debt service on the bonds will be payable solely from payments to be 32 made by the credit enhancer and the Partnership. He noted the City will not have any liability 33 with respect to the bonds. The Partnership will pay all City expenses with respect to the bonds. 34 35 Mr. Lindgren noted a change that needed to be made to the Resolution under Section 3, 36 Application for Bond Issuance. He continued with stating where it reads"The Mayor and City 37 Clerk-Treasurer," should to be changed to "The Mayor and City Manager." 38 39 Mayor Hodson indicated how impressed he was with the development plans once again. He 40 continued in noting the incredible obligation the developers have committed to indicating that 41 often the public is not aware of the extent of risk involved in such a project. 42 43 Motion by Councilmember Faust, seconded by Councilmember Thuesen, Adopting Resolution 44 04-050; Giving Preliminary Approval to the Issuance of Variable Rate Demand Multifamily 45 Housing Revenue Bonds (Silver Lake Village Project) Pursuant to Minnesota Statutes, Chapters 46 462A and 462C; on behalf of St. Anthony Leased Housing Associates I, Limited Partnership. 47