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6. Revocable Encroachment Permit - 749 Brewster Avenue Report of City Manager and Director of Public Works 12/3/84 -- City Manager Smith reported that the applicant for the subject permit has questions regarding it, and the item should not be considered at this time. ---------------------------------------------------------------------------- - - - - -- 7. Mortgage Revenue Bonds - Paragon Redwood Shores Apartments (408 -02) Report of City Manager and Planning Director 12/7/84 Letter and brochure from Paragon Group 11/15/84 Planning Director Schroeter referred to the subject report, noting that the Housing and Human Concerns Committee were interested in developers who would be willing to work with the City to provide rental housing through the use of mortgage revenue bonds and learned that Paragon Group was interested in doing SO. City Manager Smith said that in order that negotiations may proceed, it is recommended that the Council adopt the proposed inducement resolution. Georqe Thomas, Paragon Group, Project Manager for the proposed apartment development, said that 304 units of rental multifamily housing are proposed, noted that the company is experienced and the need for such housing exists in the city. Mr. Thomas said that some kind of assisted financing for the _ developer is needed, if any new rental apartments are to be constructed, since interest rates are so high as to eliminate profit from such a venture under regular market conditions. In response to question, he said that at least 20% of the units will be BMR (below- market -rate) ; that it will be determined which size units they would be; and that with regard to any condominium conversion that he believes no such action would be possible during the term of the bonds. Title read. M /S: Claire /Mosher RESOLUTION NO. 9750 OF DETERMINATION AND OF INTENTION TO UNDERTAKE PROJECT INCLUSIVE OF THE PROVISION OF REVENUE FINANCING FOR MULTIFAMILY RENTAL HOUSING adopted unanimously by roll call vote. Council members commended the Housing and Human Concerns Committee for their part in attempting to provide much - needed affordable rental housing in the City. ---------------------------------------------------------------------------- - - - - -- 8. Award of Contract - Catch Basin Cleaner Withdrawn from Agenda. ---------------------------------------------------------------------------- - - - - -- Reg. Min. 12/10/84 Page 7 MINUTE BOOK NO. 45 Page No. 210