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'. . . . . - Vice Mayor Ruskin said he was pleased this process was working so well. He thanked staff and Dan Smith, and said, "I think this will produce excellent results throughout the - City." MIS: LEIPZIG/IRA. TITLE READ. RESOLUTION NO. 13326 APPROVING AND AUTHORIZING INSTALLATION OF SPEED HUMPS AT DESIGNATED LOCATIONS ON CERTAIN STREETS HEREIN SPECIFIED; ADOPTED BY UNANIMOUS ROLL CALL VOTE. ------------------______n___________n______-------------______n_----_--------------___nn__n--_-___-------------______n B. Distribution of the Revised Preliminary Official Statement for the Woodside Terrace Retirement Facility Conduit Revenue Bonds; (505) REPORT: Finance Director Ponty, April 27, 1998 Finance Director Ponty said, "The proposal before the Council this evening is essentially the same proposal that was presented to the Council which the Council approved on February 9, 1998 with the exception that ARV Assisted Living Inc. is being proposed to assume the Hillsdale Group's position as the manager of the facility. The other notable exception is that the compensation coming to the City under this recommendation, the net present value of which has increased... by $1.2 million, from $3.3 million to $4.5 - million.... Last year the City was approached by Woodside Advanced Senior Care which is a non-profit organization that is a subsidiary of the Age Institute of Pennsylvania, another non-profit organization, and the Hillsdale Group, about the City's interest in issuing conduit revenue bonds that would enable Woodside Advanced Senior Care to purchase the Woodside Terrace Retirement Facility on Woodside Road." Finance Director Ponty said that earlier this year Council authorized, but did not require, bonds to be issued, and subsequently approved the preliminary official statement along with bond documents. He said the City would receive as compensation $75,000 up front fee, payment in lieu of property taxes of $46,000 per year, increasing at 2% per year, a fee of $50,000 per year increasing at 2% a year, and a fee equal to Y. of I % of the initial amount the bonds issued. He said, "This fee would be divided between the City's General Fund which would receive 1/8 of 1% of the outstanding principal which will decline as the amount of debt outstanding is retired. The difference which will actually grow over the 30-year period, it is recommended that that amount be deposited in the City's low-income housing fund. The present value of that piece is $1.2 million that we were able to additionally negotiate after we found out that Hillsdale had sold their business interest to ARV." Finance Director Ponty said that, "Hillsdale and ARV were under a confidentiality agreement, and were not in a position to disclose during the negotiations with the City that - the entire company was being sold." Director Ponty described ARV is a publicly traded REGULAR COUNCIL MEETING MINUTE BOOK NO. 56 APRIL 27, 1998 MINUTES Page No. 423 PAGE 20