4.1. SR 01-24-2000'ity of
River
MEMORANDUM
Item #4.1.
TO:
FROM:
DATE:
SUBJECT:
Mayor & City Council
Lori Johnson, Finance Director
January 24, 2000
Guardian Angels Public Hearing
At the Januaryl0 City Council meeting, the City Council approved a resolution
giving preliminary approval to and calling for a public hearing on revenue
bonds to be issued by the city on behalf of Guardian Angels for the Evans Park
project and a project in the city of New Hope. I have received notice from bond
counsel that the resolution awarding the sale and all of the necessary paper
work that was scheduled to be considered on Monday has not yet been
completed. Therefore, at Monday's meeting the City Council should simply
hold the public hearing to take input on the issuance of the bonds. No other
action will be required until bond counsel for Guardian Angels has prepared
all of the appropriate documents and the city's bond counsel has had an
opportunity to review and approve those documents.
Action Requested
The City Council is to hold a public hearing on the proposed housing program,
housing facility projects, and proposed issuance of revenue bonds in the
amount of $10 million for Evans Park and St. Therese housing projects. No
other action is required at this time.
s: \ council \ hsgbonds, doc
13065 Orono Parkway · P.O. Box 490 · Elk River, MN 55330 · TDD & Phone: (612) 441-7420 · Fax: (612) 441-7425