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<br />CHANGE OF MOTION: Councilman Biagi, with the consent <br />split his'motion making it that no action be taken at <br />regard to the proposed resolution and that 45 days be <br />discussion and acceptance of proposals from any other <br />developers of the Centre Sub-Area. <br /> <br />of his second, <br />this time with <br />allowed for <br />prospective <br /> <br />CLARIFICATION: City Manager Smith noted that if proposals are to be <br />solicited, then some money will have to be spent to widely disseminate <br />information about the Redevelopment Area. ' <br /> <br />In response to suggestion that a City Council session on Redevelopment be <br />arranged, City Manager Smith said that he would like to do so. <br />(Memo 3/2/84) <br /> <br />The motion as changed carried unanimously by voice vote. <br /> <br />M/S: Biagi/Rhodes that staff pursue the matter of the City preparing its <br />own conceptual plan for the Centre Sub-Area of the Redevelopment Area and <br />selling it to a developer, or the City working with a developer on a plan <br />acceptable to both. <br /> <br />The motion carried on the following roll call vote: <br />Ayes: Directors Biagi, Bury, Claire, Rhodes <br />Noes: Directors Britschgi, Mosher and Chairman Stangel <br />MINUTE ORDER NO. 84-44 <br /> <br />--------------------------------------------------------------------------------- <br /> <br />3. <br /> <br />Request for consideration of Mortgage Revenue Bond financing <br /> <br />Report of City Manager 2/24/84 <br /> <br />City Attorney Schricker and Assistant City Attorney Case replied to <br />questions regarding HUD rent requirements for their mortgage insurance. <br /> <br />M/S: Rhodes/Claire to deny the request to issue Multi Family Housing <br />Bond financing for 850 Main Street development. <br /> <br />Willy Ostertag; developer of 850 Main Street, described the background <br />relating to proposed residential uses of the site and his need for the <br />financing in order to offer apartment rentals, stating the total <br />development is not feasible without the financing. <br /> <br />Tom Leathers, BA Mortgage, San Francisco, urged Council to approve the <br />requested bonds stating there is no obligation or liability to the City <br />or the Redevelopment Agency because of federal mortgage guaranties, and <br />the development cannot succeed without the bonds. Mr. Leathers described <br />developments in Santa Rosa, San Jose and San Francisco where such bonds <br />have been issued. <br /> <br />Lengthy discussion followed and Mr. Smith, Mr. Schricker, Mrs. Case, and <br />Mr. Leathers replied to questions and commented concerning the nature of <br />the bonds and whether or not the City's credit is affected; the <br />desirability of developing a comprehensive financing proposal for the <br /> <br />Redev.Agency <br />2/27/84 <br />page 3 <br /> <br />MINUTE BOOK NO. 44 <br />P age No. 365 <br /> <br />