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City Council Regular Meeting Minutes October 14, 2008 Page 3 replied they are still seeing stabilization in the municipal bond market. For a community that is non -rated it may be more difficult to see the sale of bonds, but Ehlers and Associates has seen bond sales every week on a daily basis. The rates they are seeing today are still very attractive at under 5 %. As they look to 2009, they will have the opportunity to test the market. If it will not be advantageous to sell at that time, they do not have to sell the bonds and may look to postpone or issue temporary bonds. 8 Councilmember Stille inquired about the feasibility of resurrecting the discussions on using an 9 internal loan. Ms. Kvilvang replied those discussions could be resurrected if the rates are not 10 satisfactory. 11 12 Mayor Faust noted there could be a determination made not to proceed with the project. At this 13 point they will move the process forward and see how the market plays out. 14 15 Mayor Faust closed the public hearing at 7:10 p.m. 16 17 Motion by Councilmember Stille, seconded by Councilmember Roth, to adopt Resolution No. 18 08 -067; Approving the Property Tax Abatement for Emerald Park. 19 20 Councilmember Stille stated he would like to reiterate that this action is not tying the City's 21 hands. They want to do this project, but they want to do it right from a physical and a financial 22 perspective. At this point in time they need to keep the ball rolling. He pointed out that in regards 23 to the abatement, the property taxes on the abated properties will not be increasing. 24 25 Motion carried unanimously. 26 27 VI. REPORTS FROM COMMISSION AND STAFF. 28 29 None. 30 31 VII. GENERAL BUSINESS OF COUNCIL. 32 33 A. Silver Village Update. Stacie Kvilvang. Ehlers & Associates. 34 35 Ms. Kvilvang presented the Sales and Availability Update on Silver Lake Village dated October 36 8, 2008. She provided background information on the request made by Lenn Pratt, Housing 37 Developer for Silver Lake Village, to change the Phase 1B Housing Development and Council's 38 action to approve a resolution directing staff to draft a 7th amendment to the Development 39 Agreement allowing: 40 1. The change in use of the Phase 113 housing from 128 condominiums to 100 units of 41 senior cooperatives 42 2. Extend the date for which construction should commence to September 1, 2009, since the 43 developer informed them that due to market conditions, he would be unable to meet the 44 September 1, 2008 construction start date (one year extension). 45