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I I I Council Meeting Minutes July 12, 1994 Page 3 Public Hearing - 7:42-7:45 p.m. City Planner Erny Mattila presented for consideration a public hearing to consider a request to replat the side property line of two existing single family lots. The properties are located at 167--12th Ave. and 1101 - 2nd St. NW. The applicants are requesting to reconfigure the lot lines and as a result of replatting, Lot 5 would become larger. Both lots would exceed the R-l District minimum lot area. Even though Lot 6 would have a 65 ft. lot width, it is the City Attorney's opinion that this nonconformity will not be exacerbated by the lot split. Lot 6 is physically divided by a drainage ditch and its owner is willing to sell this portion along the wests ide of the ditch to the owner of Lot 5. Benke said the lot split appears to be the most logical arrangement for the maintenance of the area west of the drainage ditch. There were no comments from the audience. Motion by Williams, seconded by Samuelson, to CLOSE THE HEARING. 4 Ayes - 0 Nayes, Motion Carried. Hearing was closed at 7:45 p.m. Motion by Williams, seconded by Larson, to WAIVE TIlE READING AND ADDPI' THE RESOLUTION APPROVING PL-212. 4 Ayes - 0 Nayes, Motion Carried. Council Business Locke presented for consideration the preliminary approval for the issuance of housing revenue bonds for the Polynesian Village Apartments. The applicant, Real Estate Equities, has requested the City authorization for issuance of tax emempt Housing Revenue Bonds to provide for refinancing and funding of $1.2 million in improvements through a transfer of ownership. The amount of the bond issue would be $11.5 million. Housing revenue bonds are a limited obligation of the City, payable solely from the revenue generated from the project and other securities pledge by the owners. The bonds do not affect the City's credit rating. The bonds will enable the owners to maintain and improve the quality of the apartment complex. This complex is the City's largest apartment facility and largest property taxpayer. Approval of the preliminary resolution is the first step in the bond issuance process, and a public hearing will be needed at a future date. Locke noted that the project is consistent with the City's Housing Study. That Study stated the City's intent to maintain the physical quality of the City's housing stock, particularly rental properties; maintain the diversity and affordability of that housing stock; and maintain neighborhood safety. It appears that this would provide the opportunity for the City and the apartment facility to work together in developing a crime watch program. Public Hearing Replatting of two existing lots PL-212 Report 94-166 Resolutin 94-085 Council Business Polynesian Village Apartments Revenue Bonds Report 94-167 Resolution 94-086