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<br />I <br /> <br />I <br /> <br />I <br /> <br />Council Meeting Minutes <br />October 11. 1994 <br /> <br />Page 11 <br /> <br />Public Hearinll - 9:56-9:59 p.m. - Polynesian Village Revenue Bonds <br /> <br />Community Development Director Kevin Locke presented for consideration the <br />housing revenue bond financing for Polynesian Village Apartments. <br /> <br />Previously, Council gave preliminary approval for issuance of tax-exempt bonds. <br />The State granted bonding authority and the owners are proceeding with the bond <br />issue. State Statutes require 2 actions by Council to proceed with the issuance. <br />First a public hearing needs to be held, and then a resolution adopting a housing <br />program and final approval of the issuance. Tonight is the public hearing for the <br />$11.5 million bond issue. The bond would refinance the property and enable Real <br />Estate Equities to make $1.2 million in repairs and improvements. <br /> <br />Benke asked if Locke is confident that the owners will implement the <br />recommendations in regards to housing quality and property upgrades. Locke <br />confirmed that the action being taken tonight is critical to maintain the City's <br />housing stock. The owners and staff have met to develop crime watch and safety <br />related programs at the complex. <br /> <br />Thomson explained that housing revenues bonds are limited to a source of funds <br />outside of the general City's taxing obligations. <br /> <br />Terry Troy, Real Estate Equities, confirmed that the owners intend to upgrade the <br />complex to ensure that the housing quality recommendations are met. <br /> <br />Samuelson questioned the difference in the bond issue and the estimated repair cost. <br />Locke noted that there is a substantial reserve amount included in the bond issue <br />than what is needed for the refurbishing. Gunderman verified that the issue of <br />owner receivership has been reviewed by legal counsel. <br /> <br />There were no additional comments from the audience. <br /> <br />Motion by Gunderman, seconded by Williams. to CWSE THE HEARING. <br /> <br />5 Ayes - 0 Nayes, Motion Carried. <br /> <br />Hearing was closed at 9:59 p.m. <br /> <br />Motion by Williams, seconded by Larson, to WAIVE THE READING AND <br />ADOPT TIlE RESOLUTION ADOPTING A HOUSING PROGRAM AND <br />AUTHORIZING ISSUANCE OF HOUSING REVENUE BONDS FOR <br />POLYNESIAN VILLAGE APARTMENTS. <br /> <br />5 Ayes - 0 Nayes, Motion Carried. <br /> <br />Troy confirmed that the refurbishing process would begin this year. <br /> <br />Assistant to the City Manager, Barbara J eanetta, presented the bid award for a new <br />telephone system for City Hall, Family Service Center and other City Facilities. <br /> <br />Staff and Haigh Todd and Associates (HTA) prepared the bid specifications. Three <br />bids were received from: Vicom. Collins, and Cady. The Cady bid was eliminated <br />because of its high costs. <br /> <br />Public Hearing <br /> <br />Polynesian Village <br />Revenue Bonds <br />Report 94-236 <br />Resolution 94-124 <br /> <br />Council Business <br /> <br />Purchase of Phone <br />System <br />Report 94-237 <br />