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I I I Council Meeting Minutes April 13, 1993 Page 3 Public Hearing - 7:38-7:40 p.m. Community Development Director Kevin locke presented for consideration the housing revenue bonds for the Golden Pond Project. The Golden Pond Limited Partnership is requesting the City re-issue housing revenue bonds in order to refund the project's original bonds. The amount of the re-issue bonds will be $3,315,000 and the term would be 15 years. A re-issuance would allow the partnership to renew its letter of credit which secured the original bonds. Housing revenue bonds are a limited obligation of the City, payable from revenues generated from the project and other securities. The bonds do not effect the City's credit nor can the payment be charged against the City's taxing powers. The costs of re- issuance is solely the expense of the developer. There were no comments from the audience. Motion by Rebelein, seconded by Williams, to CLOSE THE HEARING. 5 Ayes - 0 Nayes, Motion Carried. The hearing was closed at 7:40 p.m. Motion by Larson, seconded by Rebelein, to WAIVE THE REAOING AND ADOPT THE RESOLUTION RELATING TO MUL TI.FAMIL Y HOUSING REVENUE REFUNDING BONDS (GOLDEN POND PROJECT) SERIES 1993: AUTHORIZING THE ISSUANCE OF THE BONDS, THE EXECUTION OF DOCUMENTS AND OTHER MATTERS RELATING THERETO. 5 Ayes - 0 Nayes, Motion Carried. City Planner Erny Mattila presented a request for a special use permit to locate a church and school in the Rice Creek Shopping Center and to make joint use of the existing parking accommodations. The applicant, Church Upon the Rock, would occupy 40,000 sq. ft. of the Center and share the remaining 30,000 sq. ft. with commercial tenants. Of that 30,000 sq. ft., 24,000 sq. ft. is retail and 6,000 sq. ft. is office space. The proposed facility would have an auditorium, music room, youth room, fellowship hall, kitchen, offices, and 9 classrooms for 180 students. Mattila explained that there have been several meetings to consider the permit. On March 9, Council continued consideration to allow for completion of a market analysis. The City retained the McComb Group to perform an evaluation of the Center's commercial area. The evaluation has been completed and copies were sent to the applicant and Council for review. He noted that the McComb analysis essentially advises against locating a church and school in the Center and substantiates the Planning Commission and staff recommendations. Jim McComb, McComb Group, said the report evaluated the Church proposal and reviewed factors needed to make the Center successful. Public Hearina Golden Pond Revenue Bonds Report 93-106 Council Business Church Upon the Rock Special Use Permit Report 93-107