HomeMy WebLinkAbout06-10-1991RECORD OF OFFICIAL PROCEEDINGS OF THE COMMON COUNCIL
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CITY OF ROCHESTER, MINNESOTA
Adjourned Meeting No. 2 - June 10, 1991
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President Nancy Selby called the meeting to order at 3:00 P.M.,
same being held in Room 4 of City Hall. Members present: President°
Selby, Aldermen Canfiel.d, Crawford, Hunziker, McConnell, Petersson;
and Solinger. Absent: None.
Doug Knott, Director of Downtown Development District was present
and explained the Civic Square project and explained the bonding
procedures and where the project was in terms of actual developing.
He stated that the bonds will have to be rated and three separate
transactions will have to occur 1. A real estate closing between the
developers and the City, a closing with HUD on the mortgage insurance
and a bond closing for the housing revenue bonds. These three need
to occur before June 17, 1991 unless the developers are granted an
extension by HUD. They are aiming at a June 27, 1991 bond closing.
Alderman Hunziker asked if the City has a guarantee that all document
are in and in order by June 17, 1991. He was told that we do not
have that guarantee but the City will not issue the bonds until all
the paper work is done. After Council discussion, Solinger moved,
Petersson second to adopt Resolution No. 312-91 authorizing the
issuance and sale of Multifamily Housing Dev. Revenue Bonds (FHA
Insured Mortgage Loan - Civic Square Project ) series 1991 , and
authorizing the execution of necessary documents. Ayes (6), Nays
(1). President Selby —voted nay. Motion carried.
Canfield moved, Hunziker second to approve the request for Fireworks
(If any is done) at the League of Mn. Cities. IF this is done, it
would occur Wed. June 12, 1991. Ayes (7), Nays (0).Motion carried.
Having no further business, Hunziker moved, Petersson second to
adjourn the meeting. Ayes (7), Nays (0).Motion carried.
City Clerk
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