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CASE # <br /> <br />ISSUANCE OF HOUSING AND REDEVELOPMENT BONDS <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. Part of the project includes the issuance of <br />$3,000,000 of Housing and Development Bonds by the HRA with the full faith and credit of the <br />City backing the bonds. The process requires the City to hold a public hearing regarding the <br />bonding and then to adopt a resolution approving the issuance. The hearing was advertised to be <br />held on November 10, 1998 and the Council continued the hearing to November 24, 1998. <br /> <br />Notification: The hearing notice was published in the Union on October 30 and November 6. <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: Staff recommends that the Council adopt the resolution approving the <br />issuance of the bonds and authorizing the execution of documents. <br /> <br />Council Action: pr~o!.~m~g~t.!e~ <br /> · <br /> <br />Motion to adopt resolution #98-11- ap ' issuance by the Anoka County Housing <br />and Redevelopment Authority of its Housing Development Revenue Bonds (City of Ramsey <br />unlimited tax general obligation), series 1998A in the aggregate principal amount of $3,00,000 to <br />which bonds the general obligation of the City of Ramsey is pledged and authorizing execution <br />of documents. <br /> <br />Review Checklist: <br /> <br />City Administrator <br />Finance Officer <br />County Bond Counsel <br /> <br />CC: 11/24/98 <br />g:\users\cindy\bond.doc <br /> <br /> <br />