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<br />Centre Redevelopment Sub-Area and not market separate bond issues for <br />each development; the maximum amount 9f bonds which is the ceiling on the <br />debt obligation for the Agency at anyone time; subsidy requirements; the <br />expectation of Council that the 850 Main Street development was to be <br />constructed with private funds; and the effectiveness of use permit <br />conditions, if the apartments are not occupied as expected. <br /> <br />MOTION WITHDRAWN: <br /> <br />Councilman Rhodes withdrew his motion. <br /> <br />William Royer, former Congressman, stated that rental units are needed in <br />the City and that it was the intent of Congress in permitting cities to <br />issue mortgage revenue bonds to provide a vehicle to make it possible for <br />cities to obtain needed rental housing which would not otherwise be an <br />economical investment for developers. Mr. Royer urged approval of the <br />request for issuance of the bonds. <br /> <br />..., <br /> <br />M/S: Bury/Biagi to approve the request for issuance of Multi-Family <br />Revenue Bonds for the 850 main Street development and instruct the <br />Redevelopment Agency staff to prepare the proper document~. <br /> <br />Carried unanimously by roll call vote. <br /> <br />MINUTE ORDER No. 84-45 <br /> <br />ADJOURNMENT <br /> <br />There being no further business, Chairman Stangel declared the meeting <br />adjourned at 9:25 p.m. <br /> <br />Redev.Agency <br />2/27/84 <br />page 4 <br /> <br />MINUTE BOOK NO. 44 <br />Page No. 366 <br /> <br />~~ <br /> <br />'- .. -"-- ' <br />--- ~ <br /> <br />--~-,----~~~ c=~ --~_.~-~-' <br /> <br />- <br /> <br />--~~ --~. - ~~-,.-~~ <br />