Public Hearing RE Elements of Financial Package for rono Woods

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coPt-f , P Da W 1, zoL , o Rt G S — REQUEST FOR COUNCIL ACTION v►N n L Date: May 8, 2001 r►4Ay zg Item No.: _ 3_ Department Approval: Administrator Approval: Agenda Section: ReiCity Administrator's Report Name: Ron Moorse J� Title: City Administrator Item Description: Public Hearing Regarding Elements of the Financial Package for the Orono Woods Senior Housing Project Attachments: 1. Schedule of Events (Revised May 8, 2001) 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. Council Resolution approving the Development Plan, Establishing the TIF District, and approving the TIF Plan 6. HRA Resolution approving the Development Plan, Establishing the TIF District, and approving the TIF Plan 7. Council resolution approving Housing Program and stating intent to issue Housing Revenue Bonds 8. TIF District Overview 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 the City Council. These actions are listed in the attached"Schedule of Events". At the May 14 Council meeting, the Council will hold a public hearing regarding three elements of the financial package: 1. Establishment of Tax Increment Financing District No. 1-1 2. Adoption of a Housing Program 3. A TEFRA hearing on the issuance of housing revenue bonds. Because Mayor Peterson and Councilmember Flint will not be able to attend the May 14 Council meeting, it is recommended that the Council hold the hearing but continue action on the resolutions to the May 29 Council meeting. COUNCIL ACTION REQUESTED Motion to continue action on the resolutions related to the elements of the financial package for the Orono Woods Senior Housing Project to the May 29, 2001 Council meeting.