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Item No. 5 (continued) <br />Housing Officer Michael Church described two mechanisms for issuance of bonds <br />which are exempt from the State cap: establishment of a Community <br />— Development Commission, and a separate Housing Development Financing <br />Authority, and called attention to one document, entitled Policy Statement, <br />The Redwood City Housing Development Financing Authority, which defines the <br />role of the authority, and specifies currently that the agency would not <br />be used for anything other than multifamily rental housing because that was <br />the kind of proposal Paragon was making. <br />Gerald Laster, Wilson, Morton, Assaf and McElligott, bond counsel, responded <br />to questions by Council regarding the fact that under the law by which the <br />Housing Develolpment Financing Authority is proposed to be established, there <br />is opportunity for other types of financing; that the Policy Statement could <br />be modified at some future Council meeting so that it conforms with Council's <br />desires; that this was drafted primarily for the subject Paragon Group <br />project. <br />Title read. M /S: Stangel /Chandler <br />a. RESOLUTION NO. 9906 DECLARING NEED FOR THE REDWOOD CITY HOUSING <br />DEVELOPMENT FINANCING AUTHORITY <br />b. RESOLUTION NO. 9907 DECLARING THAT THE MEMBERS OF THE COUNCIL OF THE CITY <br />OF REDWOOD CITY SHALL BE COMMISSIONERS OF THE REDWOOD CITY HOUSING <br />DEVELOPMENT FINANCING AUTHORITY <br />c. RESOLUTION NO. 9908 PROVIDING FOR THE EMPLOYMENT OF A TEMPORARY ASSISTANT <br />SECRETARY <br />d. RESOLUTION NO. 9909 OF DETERMINATION AND OF INTENTION TO UNDERTAKE <br />PROJECT INCLUSIVE OF THE PROVISION OF REVENUE FINANCING FOR MULTIFAMILY <br />RENTAL HOUSING <br />adopted unanimously by roll call vote. <br />M /S: Claire /Rhodes to continue consideration of the Policy Statement for the <br />Redwood City Housing Development Financing Authority pending further study by <br />Council, and receipt of additional information from staff. <br />carried unanimously by voice vote. <br />MINUTE ORDER N0. 85 -84 <br />---------------------------------------------------------------------------------- <br />Non- Agenda Item. Appointments to Boards and Commissions. <br />At the request of Councilman Rhodes and there being no objection, Mayor <br />Britschgi announced that Council will vote on appointments to Boards and <br />Commissions at this time, noting that applicants had earlier in the day been <br />interviewed in public group interview sessions. <br />Reg. Mtg. <br />6/17/85 <br />Page 5 <br />MINUTE BOOK NO. 45 <br />Page No. 469 <br />