Orono Woods Financial Package-Resolutions

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► 1-- • REQUEST FOR COUNCIL ACTION LJ /14441 DATE: Ap —2001 ITEM NO: Department Approval: Administrator Reviewed: Agenda Section: Name Ron Moorse City Administrator's Title City Administrator G'� Report Item Description: Orono Woods Senior Hou ng Project Financial Package-Resolutions Attachments: 1. Schedule of Events(re: Financial Package for the Orono Woods Senior Housing Project) 2. Program for the Financing of a Multifamily Rental Housing Development for Seniors(Housing Program) 3. Tax Increment Financing Plan 4. Development Plan for Housing Project No. 1 5. Resolution approving the Development Plan and TIF Plan for the Orono Woods Senior Housing Project. 6. Resolution approving the Housing Program related to the Orono Woods Senior Housing Project. 7. Resolution approving the issuance of housing revenue bonds. The financial package for the Orono Woods senior housing project, which includes tax increment financing and housing revenue bonds,requires a number of actions by both the City Council and the City's HRA; as well as reviews by a number of other agencies. These actions are listed in the attached "Schedule of Events". The Council, at its May 14, 2001 meeting, held a public hearing regarding the following elements of the financial package: 1. Establishment of Tax Increment Financing District No. 1. 2. Adoption of the Housing Program. 3. TEFRA hearing on the issuance of housing revenue bonds. The specific action to be taken by the Council at the May 29 Council meeting is to adopt resolutions approving the Development Plan and TIF Plan,approving the Housing Program, and approving the issuance of housing revenue bonds. The resolutions are attached for Council consideration. COUNCIL ACTION REQUESTED: Motion to adopt resolutions approving the Development Plan and TIF Plan for the Orono Woods Senior Housing Project, approving the Housing Program, and approving the issuance of housing revenue bonds.