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Item No. 2 (continued) <br />CHANGE OF MOTION: At the request of Councilman Rhodes, Councilman Claire <br />changed his motion to a delay of three weeks, until November 18, 1985. <br />The motion carried unanimously by voice vote. <br />MINUTE ORDER N0. 85 -168 <br />3. Multifamily Housing Revenue Bonds, Series 1985 B - <br />Redwood Shores Apartment Project (Paragon) (408 -02) <br />Report of City Manager and Community Development Director 10/25/85 <br />Gerald Laster, bond counsel, Wilson, Morton, Assaf & McElligott, San Mateo, <br />presented the proposed resolution revised as of 10/28/85, noting the only <br />changes are: 1) that 20% of the apartment units will be for low and moderate <br />income housing as required, more than that not being economically feasible; <br />2) that long term investment be authorized; and 3) to provide authorization <br />to allow the Vice Mayor to execute the documents. <br />In response to question, Housing Coordinator Church said that the 20% of the <br />units to be available to low and moderate income families represents 68 units <br />and that the maximum income is 80% of the median for a family of four, or <br />$27,000. <br />In response to request to do so, Senior Assistant City Attorney Case stated <br />for the record that prevailing wage provisions will be part of the loan <br />agreement between the City and Paragon and has been agreed to by the <br />attorneys for the developer and for the Building Trades Council. <br />Title read. M /S: Chandler /Stangel <br />RESOLUTION NO. 10047 AUTHORIZING THE ISSUANCE OF MULTIFAMILY HOUSING REVENUE <br />BONDS, ESTABLISHING THEIR TERMS AND PROVIDING FOR THEIR SECURITY, AND <br />PROVIDING COVENANTS FOR THEIR PROTECTION, AUTHORIZING THEIR SALE AT PRIVATE <br />SALE, AUTHORIZING THE EXECUTION OF A BOND PURCHASE AGREEMENT, REGULATORY <br />AGREEMENT, LOAN AGREEMENT, INTERCREDITOR AGREEMENT AND INDENTURE OF TRUST AND <br />APPOINTING A TRUSTEE THEREUNDER, AUTHORIZING APPROVAL OF A FORM OF AN <br />OFFICIAL STATEMENT AND AUTHORIZING ITS EXECUTION, AND AUTHORIZING THE <br />FINANCING OF THE PROJECT AND OTHER MATTERS IN CONNECTION THEREWITH <br />Adopted unanimously by roll call vote. <br />---------------------------------------------------------------------------- - - - - -- <br />4. Redwood Shores Potable Water Transmission Pipeline <br />repairs (702 -02) <br />Report of City Manager and Director of Public Works 10/11/85 <br />Title read. M /S: Bury /Chandler <br />Reg.Mtg. <br />10/28/85 <br />Page 4 <br />MINUTE BOOK NO. 46 <br />Page No. 86 <br />