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Council Meeting Minutes July 12, 1994 Page 4 Council Business City Manager Matthew Fulton stated that this consideration provides the preliminary approval needed so that Real Estate Equities can then submit an application to the State. Any additional requirements will be presented to Council at a later date. Benke feels this action is an important step in providing a positive and long term influence in maintaining and improving the quality of the housing stock in the City. He feels the City should be given the opportunity to work with the apartment owners to develop strategies and cooperative ventures to deal with the concerns raised in the Housing Study, as well as the crime watch program. Terry Troy, Real Estate Equities, confirmed that currently there is an apartment crime watch group among the residents. He noted that it is difficult to participate in the City's crime watch program due to the 50% membership requirement which is difficult to attain due to the normal moves in and out of the complex. Mr. Troy feels that having a better quality product allows for the rental office to draw from a larger pool of customers which then provides for quality tenants. Williams asked if the bonds require an obligation that a percentage of units be available at below market rental rates. Mr. Troy confirmed that the current rental rates are below those requirements and will continue to adhere to that obligation. Williams asked the nature of the proposed improvements. Mr. Troy said the improvements would involve roof replacement, exterior and interior painting, carpeting and other improvements. The exterior structure would not change, but the improvements would provide for a more neutral appearance. Troy feels the construction schedule should provide for a majority of the improvements to begin next spring; and the exterior painting should be completed by the end of this year. Samuelson asked for a summary of current rental rates. Troy confirmed that the owners are not planning to increase the rents in order to make the project viable. Rental rates for a one bedroom are $435-465; and a two bedroom is $515-575. Motion by Larson, seconded by Williams, to WAIVE THE READING AND ADOPT THE RESOLUTION GIVING PRELIMINARY APPROVAL TO ISSUANCE OF TAX-EXEMPT BONDS AND AUTHORIZING APPLICATION OF BONDING AUTHORITY; AND DIRECT STAFF TO DEVELOP STRATEGIES RELATING TO THE CREATION OF A NEIGHBORHOOD CRIME WATCH PROGRAM WITIDN THE APARTMENT COMPLEX. 4 Ayes - 0 Nayes, Motion Carried. Locke presented for consideration the authorization to execute a development agreement with Industrial Equities Group (lEG) concerning TIP #20. In March 1993, the City entered into an agreement with IEG to execute a contract for redevelopment of the north portion of the Lakeview Business Park. The City's Pinancial Consultant, Jim Casserly, drafted a document which has been agreed to by both the City and lEG. Council Business Polynesian Village Revenue Bonds Report 94-167 Resolution 94-086 I I lEG Development Agreement Report 94-168 I Resolution 94-087