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I <br />I <br /> I <br /> I <br /> <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br />'t <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> <br />CASE <br /> <br />ISSUANCE OF GENERAL OBLIGATION TAX INCREMENT BONDS, SERIES 1999A <br /> By: Cindy Sherman, Community Development Director <br /> <br />Background: The City has entered into a joint powers agreement with the Anoka County <br />Housing and Redevelopment Authority for the construction and operation of a senior housing <br />project to be known as Savannah Oaks of Ramsey. At the December 8, 1998 City Council <br />meeting the City authorized the sale of $1,195,000 in General Obligation Tax Increment Bonds. <br />This is the second part o£ f'maneing the project; the County previously sold $3,000,000 in bonds <br />for the project. <br /> <br />Observations: The bond sale is consistent with the financing that has been proposed during the <br />overall Senior Housing development process. <br /> <br />Recommendation: The bids for the sale are to be submitted January 12, 1999 and a <br />recommendation will be provided at the meeting. <br /> <br />Council Action: <br /> <br />Based on the recommendation provided at <br /> <br />Review Checldist: ~' .~~,/ <br /> <br />City Administrator <br />Finance Officer <br /> <br />CC: 1/12/99 <br />g:\users\cindy\bond.doc <br /> <br />III <br /> <br /> <br />