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REQUEST FOR COUNCIL ACTION <br /> DATE: April 20,2001 <br /> ITEM NO: 9 <br /> Department Approval: Administrator Reviewed: Agenda////Section: <br /> Name Ron Moorse City Administrator's <br /> Title City Administrator PI? Report <br /> Item Description: Orono Woods Senior Housing Project Financial Package <br /> Attachments: <br /> 1. Schedule of Events(re: Financial Package for the Orono Woods Senior Housing Project) <br /> 2. Program for the Financing of a Multifamily Rental Housing Development for Seniors(Housing <br /> Program) <br /> 3. Tax Increment Financing Plan <br /> 4. Development Plan for Housing Project No. 1 <br /> 5. Resolution Calling for Public Hearings on Orono Woods Tax Increment Financing Plan, <br /> Development Plan, Housing Program, and Issuance of Multifamily Housing Revenue Bonds <br /> The financial package for the Orono Woods senior housing project, which includes tax increment <br /> financing and housing revenue bonds,requires a number of actions by both the City Council and the <br /> City's HRA; as well as reviews by a number of other agencies. These actions are listed in the <br /> attached "Schedule of Events". The specific action to be taken by the Council at the April 23 <br /> Council meeting is to adopt a resolution calling for public hearings on the Orono Woods Tax <br /> Increment Financing Plan,Development Plan,Housing Program, and issuance of housing revenue <br /> bonds. The public hearings are scheduled for May 14,2001. The resolution is attached for Council <br /> consideration. <br /> COUNCIL ACTION REQUESTED: <br /> Motion to adopt a resolution calling for public hearings on the Orono Woods Tax Increment <br /> Financing Plan, Development Plan, Housing Program, and the issuance of multifamily housing <br /> revenue bonds. <br />