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4 City Council Regular Meeting Minutes November 26, 2013 Page 4 2 Motion by Councilmember Roth, seconded by Councilmember Gray, to approve Resolution 13- 3 075; a Resolution Accepting the 2014 Street and Utility Improvement Project Plans and 4 Specifications and Ordering Advertisement for Bids. 6 7 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 Motion carried unanimously. C. Resolution 13-076; a Resolution Authorizing the Sale and Issuance of Multifamily Housing Revenue Bonds (Landings at Silver Lake Village II) Series 2013• Establishing the Security Therefor and Authorizing the Execution of Documents. Mark Casey City Manager, presenting. City Manager Casey presented a resolution to approve conduit financing for the Landings at Silver Lake Village II, which is the Dominium project on the vacant lot west of the Silver Lake condominiums. He advised the City held a public hearing on May 28, 2013, and provided preliminary approval to the project and the debt service on the bonds will be payable solely from payments made by the borrower, the City will have no liability, and the borrower will pay all City expenses. Councilmember Stille indicated State statute allows Dominium to borrow money that is tax exempt and the City is just a conduit for the bonds. He stated this lessens Dominium's costs and makes the project more feasible. Mr. Russ Condas, Dominium, stated this project will be financed through tax exempt multi- family revenue bonds that require the borrower to restrict 20% of the units to fair market rent, which is approximately 50% of area income rents. Mayor Faust reminded residents that the City is acting as the conduit and there is no liability for the City in the future, and the contract states that the City will never be responsible for repayment on the bonds. Motion by Councilmember Gray, seconded by Councilmember Jenson, to approve Resolution 13-076; a Resolution Authorizing the Sale and Issuance of Multifamily Housing Revenue Bonds (Landings at Silver Lake Village II), Series 2013; Establishing the Security Therefor and Authorizing the Execution of Documents. Motion carried unanimously. D. Ordinance 2013-03• an Ordinance to Set Fees for 2014 Mark Casey City Manager, presenting. City Manager Casey presented the second reading of the Ordinance to amend fees for official control services and stated these are fees dealing with utilities, storm water fees, etc., and the first reading was held November 12, 2013, with no comments received at the public hearing. Mayor Faust recommended that the City Council waive the second reading and approve the Ordinance since no public comment was received.