AgdaPkt 2000-09-18 - Laserfiche WebLink

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substantial portion of the project the need still exists for landscaping this corridor improvement. He requested it be the consensus of the Council that staff and consultants while moving forward to develop the plans, also look into developing satisfactory landscaping plans that are keeping with the City's beautification efforts, approaching Council for consideration of those plans and any funding required. 8. PUBLIC HEARINGS - A) Redwood Shores Apartments Refunding; Financial Services Director Ponty explained the Council is being asked to adopt a resolution enabling the City to join the Association of Bay Area Governments Financing Authority so that Archstone Communities may proceed with the refinancing of approximately $23 million of tax exempt bonds that the City originally issued on behalf of Archstone's predecessor in 1985. At that time, the City participated in the financing of the Redwood Shores Apartment Complex which is a 304-unit building on Davit Lane so that 20% of the units, 61 in total, would be reserved for low and moderate income individuals and families. The agreement expired in 1998 and since then, Archstone has voluntarily kept these 61 units available for qualified renters. Archstone has recently asked the City to participate in refinancing these 1985 bonds and has offered to keep 30 units available to low and moderate income individuals and families through 2006. Staff from Community Development Services Department along with Archstone's Financial Advisor, Peter Kelly, met with the Housing and Human Concerns Committee to discuss this proposal. The Committee has agreed to accept the proposal as a fair compromise and because it preserves 30 units at below market rents. Archstone is requesting the City join ABAG's financing authority so they may consolidate this with other bonds that they have issued through ABAG. There will be no financial impact on the City since ABAG will be the issuer of the bonds and ultimately, Archstone will have the financial responsibility for this debt. Mayor Ruskin opened the Public Hearing. John Dempsey stated when he viewed the agenda packet he found that the HHCC had approved this arrangement and his recollection had been a request for negotiation guidance which was to advise that affordability be maintained. He stated the HHCC would like to see affordability for those units in perpetuity and because the report lacked other specific information, he urged the subject be referred back to the HHCC. Kathleen Mahany stated that the subject came before the Planning Commission and the HHCC requested 20%. She requested reconsideration and referral back to the HHCC. Susan Keely stated she did not recall HHCC decision on this issue either and would not have voted for it, concurring with the two previous speakers. MIS Howard/Ira to close the public hearing. The motion passed by a unanimous voice vote. REGULAR COUNCIL MEETING MINUTES AUGUST 28,2000 PAGE 8