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Item No. 1 (continued) Mr. Hildebrand explained in response to question that both the housing authority as a separate legal vehicle, and community development commission, could be governed by the Council serving as the governing board, and that lay persons could also serve in that capacity; that it would be similar to the Redevelopment Agency in the way it is set up and operated. Each of these bodies would have the authority to issue bonds of the type under discussion, and would not be subject to the limitation imposed on multifamily rental housing chapter of the Health and Safety Code. He advised further that the bonds that would have been issued in the present situation under the multifamily rental housing law would have been issued by the City and rentals of the project would be the sole source of income to pay the bonds, and that the only involvement of the State is in its establishment of a lid on how many of those bonds could be issued. He assured Council that the Official Statement for the bond issue would accurately and thoroughly provide information to the bond holder regarding repayment of the bonds; and that inclusion of 20% low income housing units would be required under Federal law. Georqe Thomas, Project Manager for Paragon Group, showed an artist's rendering of the proposed project, and in response to question, advised that it would be owned and operated by them as a commercial investment. City Manager Smith advised that a detailed written report will be brought to Council next week. Mayor Britschgi asked that the report include information regarding what precedence the City might be setting, and also what benefit would accrue to the developer by issuance of the bonds. City Attorney Schricker indicated that documents for consideration by the Council will accompany the City Manager's report. ORAL COMMUNICATIONS Director of Public Works Addiego stated that he wished to bring to the attention of Council a matter of concern regarding Southern Pacific Railroad improvements to the railroad tracks in the vicinity of Brewster and Whipple Avenues that will require rerouting of traffic in those areas. Work has already been done to the north and south of Redwood City. Information also has been given to the press regarding Southern Pacific plans to rebuild ballasts, substructure and replace ties and rails and improve the crossings. Brewster Avenue between E1 Camino Real and Arguello will be closed to traffic on June 11, 13, and 14, and again on June 17, when repaving will be done. Whipple Avenue will be closed June 19, 20 and 21, and repaving will be done on Whipple on June 25 and 26. Closure of the two streets will be between 9:00 a.m. and 4:00 p.m. East -bound Brewster traffic will be diverted at E1 Camino Real and West -bound traffic on Brewster will be diverted at Arguello, and similar detours for Whipple Avenue will take place. Reg.Mtg. 6/10/85 Page 3 MINUTE BOOK NO. 45 Page No. 457