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I Council Meeting Minutes September 22, 1987 chances of success and equal chances of other problems; and at- tempts to slice off pieces of the bog with a cable did not work. David Markham, 2800 - 18th Street NW, stated the Lake Diane pro- ject was started by the city in about 1971; since then several alternatives have been studied to remove the bog (hundreds of thousands of dollars in some cases); he had a contractor out and received an estimate of between $200,000 and $300,000; now the residents are not looking for a solution but maybe, with a nomina) amount of money, can control the bog and have relief from the size of it on a short-term basis. Cox knows residents would be unwilling to spend tens of thousands of dollars; although $2,000 is not a lot for an experiment, a pick-up truck will not have access in the future and questioned the wisdom of trying it; Benke felt there would be a number of residents who would permit a pickup truck on their frozen grass; Hoel concurred. Benke understands no future funds will be spent without council approva 1 . Motion by Blomquist, seconded by Gunderman, to WAIVE THE READING AND ADOPT A RESOLUTION CONTINUING THE LAKE DIANE IMPROVEMENT PRO- JECT FOR A PERIOD FROM NOVEMBER 1987 TO NOVEMBER 1988. III 5 Ayes - 0 Nayes, Motion Carried Locke briefly reviewed staff report concerning a development agreement for the proposed senior low-to-moderate income housing project to be located north of Veterans Park; and noted staff and Ark Housing is seeking council's preliminary support so a specific development agreement can be drawn. I Gary Bidne, Ark Housing & Development, Inc., stated this past Spring a revised marketing study was conducted to address the area's needs; introduced the team: Gene Rezac, Graystar Enterpri- ses, Inc., the developer; Johnson, Sheldon, and Sorenson, the architects; BaR-SON, the contractor; Faegre & Benson, the bond counsel; Piper Jaffrey & Hopwood, the lender; and Ark Housing will be marketing the project. Rezac gave his company.s background; explained the housing would be for persons 55 years of age and over; indicated rent would begin at $395 per month (which would partially be subsidized); and briefly reviewed financing and tax advantages. Gunderman and asked if the age (55) could be Rezac noted legally there is nothing to lock age 55 or over; believes the market study, show there is enough of a demand to fill the 55 and over; and feels all questions will be lowered, if needed; the development into when completed, will project with persons answered positively. Page 16 Development - Proposal Ark Housing Report 87-241