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<br />Page 2 - 2002, New Brighton Council Minutes <br /> <br />2. CONSIDERATION OF AUTHORIZATION TO MAKE FINAL PAYMENT ON <br />IROJECT 01-1, STREET RECONSTRUCTION. <br /> <br />. CONSIDERATION OF TEMPORARY ON-SALE LIQUOR LICENSE FOR NEW <br />BRIGHTON EAGLES. <br /> <br />5 Ayes - 0 Nays, Motion Carried. <br /> <br />Public Hearing <br /> <br />Golden Pond is an 82-unit "independent living" for seniors, located at 333 NW 10Ih <br />Street.The property is owned by Golden Pond Limited Partnership, whose General Partner <br />is Clarence (Gene) Rezac. The partnership wishes to refinance its mortgage debt through <br />a Variable Rate Multifamily Housing Revenue Refunding Bond. The proposed refinancing <br />is for $3,120,000. The City is authorized by Minnesota Statutes, Chapter 462A and 462C, <br />to issue its revenue bonds for such a purpose. This is typically referred to as "conduit <br />financing." A public hearing is required, and the applicants have published proper legal <br />notice. The City established a policy in 1985 relating to the use of such financing, requiring <br />certain financial information to be provided, along with a check for $3,000 to cover the <br />City's time and expense. These requirements have been met; the information is enclosed <br />herein. <br /> <br />Motion by Samuelson, seconded by Hoffman, to CLOSE THE HEARING. <br /> <br />I <br /> <br />5 Ayes - 0 Nays, Motion Carried. <br /> <br />Motion by Samuelson, seconded by Moore-Sykes, to WAIVE THE READING <br />AND APPROVE THE ATTACHED RESOLUTION AUTHORIZING THE <br />ISSUANCE OF REVENUE BONDS FOR GOLDEN PONDS LIMITED <br />P ARTNERSIDP. <br /> <br />Council Business <br /> <br />I <br /> <br />The Metropolitan Council annually provides Livable Communities Demonstration Account <br />Funding for projects in all parts of the seven-county region. This program provides an <br />incentive to develop in ways that (1) propose a mix ofland uses that facilitate daily needs <br />and community activities, (2) expand housing choices, especially close to jobs, and (3) <br />include public spaces, respect local cultural and natural features, and promote community <br />identity. The Northwest Quadrant (NWQ) redevelopment project will accomplish all of <br />these objectives, and therefore should be a strong candidate for Livable Communities <br />funding. <br />Applications for funding totaling $6.75 million are due on July 15,2002, with <br />awards to be made on December 18,2002. Staff has worked for more than a year to <br />accurately estimate the costs of acquisition, remediation, demolition, and engineering, and <br />has worked with Ryan Companies to project the level and value of development on the 90- <br />acre site. Outside funding from this and other programs will be critical to achieve our <br />goal of "balancing the budget" for the NWQ, despite reductions in TIF revenues caused <br />by statutory changes in 2001 . <br />The details of the application are being finalized, and will be provided at the meeting. <br />This request is anticipated to be the first of several annual applications under the same <br />program. It is hoped that the City will be awarded $500,000 - $l,OOO,OOO this year. <br /> <br />Motion by Hoffman, seconded by Sweeley, to APPROVE THE ATTACHED <br />RESOLUTION AUTHORIZING APPLICATION TO THE METROPOLITAN <br />COUNCIL FOR LIVABLE COMMUNITIES DEMONSTRATION ACCOUNT <br /> <br />TEMPORARY ON- <br />SALE LIQUOR, NB <br />EAGLES REPORT <br />02-161 <br /> <br />Public Hearing <br /> <br />Revenue Refunding <br />Bonds for Golden <br />Pond <br />Report No. 02-162 <br />Resolution 02-056 <br /> <br />Council Business <br /> <br />Metropolitan <br />Council Funding <br />for NWQ <br />Report 02-163 <br />Resolution 02-057 <br />