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I <br />2 <br />3 <br />4 <br />5 <br />6 <br />7 <br />8 <br />9 <br />10 <br />11 <br />12 <br />13 <br />14 <br />IS <br />16 <br />17 <br />18 <br />19 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />27 <br />28 <br />29 <br />30 <br />31 <br />32 <br />33 <br />34 <br />35 <br />36 <br />37 <br />38 <br />39 <br />40 <br />41 <br />42 <br />43 <br />44 <br />45 <br />46 <br />47 <br />City Council Regular Meeting Minutes <br />November 26, 2013 <br />Page 4 <br />Motion by Council member Roth , seconded by Councilmember Gray, to approve Resolution 13- <br />075; a Resolution Accepting the 2014 Street and Utility Improvement Project Plans and <br />Specifications and Ordering Advertisement for Bids. <br />Motion carried unanimously. <br />C. Resolution 13-076; a Resolution Authorizing the Sale and Issuance of Multifamily <br />Housing Revenue Bonds (Landings at Silver Lake Village II), Series 2013; Establishing <br />the Security Therefor and Authorizing the Execution of Documents. Mark Casey, City <br />Manager, presenting. <br />City Manager Casey presented a resolution to approve conduit financing for the Landings at <br />Silver Lake Village II, which is the Dominium project on the vacant lot west of the Silver Lake <br />condominiums. He advised the City held a public hearing on May 28, 2013, and provided <br />preliminary approval to the project and the debt service on the bonds will be payable so lely from <br />payments made by the borrower, the C ity will have no liability, and the borrower will pay all <br />City expenses. <br />Councilmember Stille indicated State statute allows Dominium to borrow money that is tax <br />exempt and the City isjust a conduit for the bonds. He stated this lessens Dominium 's costs and <br />makes the project more feasible. <br />Mr. Russ Condas, Dominium, stated this project will be financed through tax exempt multi- <br />family revenue bonds that require the borrower to restrict 20% of the units to fair market rent, <br />which is approximately 50% of area income rents . <br />Mayor Faust reminded residents that the City is acting as the conduit and there is no liability for <br />the C ity in the future , and the contract states that the City will never be responsible for <br />repayment on the bonds. <br />Motion by Councilmember Gray, seconded by Councilmember Jenson, to approve Resolution <br />13-076; a Resolution Authorizing the Sale and Issuance of Multifamily Housing Revenue Bonds <br />(Landings at Silver Lake Village II), Series 2013 ; Establishing the Security Therefor and <br />Authorizing the Execution of Documents. <br />Motion carried unanimously. <br />D . Ordinance 2013-03; an Ordinance to Set Fees for 2014. Mark Casey, City Manager, <br />presenting. <br />City Manager Casey presented the second reading of the Ordinance to amend fees for official <br />control services and stated these are fees dealing with utilities, storm water fees, etc., and the first <br />reading was held November 12,2013, with no comments received at the public hearing. <br />Mayor Faust recommended that the City Council waive the second reading and approve the <br />Ordinance since no public comment was received.