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Page 14 <br />PZi n u to s <br />Planning Commission <br />Commissioner Wilson asked the status of the bond issue. Mr. <br />Harris explained. <br />Mr. Swift stated that the City Council, by virtue of ordinance, <br />has exempted low income projects but have not decided how much of <br />a project has to participate in the revenue bond program. <br />Commissioner Doherty asked Mr. Swift if the City Council has guaranteed <br />sewer availability. Mr. Swift, responded to his knowledge there <br />have bee n no guarantees . <br />Commissioner Wilson asked .the reason for the Januaryy_ 1982 cut off <br />date. Mr. Swift indicated that the City wanted to sell bonds in <br />November 1981 and that there weren't sufficient projects approved <br />to participate. <br />Commissioner Wilson said there are not enough sewer connections <br />for the Daon project, Ty-Cal project, immobile home project and <br />others. Mr. Swift indicated that the 108 unit complex behind the <br />Flair Market complex belonging to Castle Construction would also <br />have to be considered. <br />Commissioner Wilson said $20,000,000 vuorth of bonds haven't been <br />sold and asked, 'what now'? He indicated that the Ty-Cal project <br />wasn't even heard at the 12/8/81 City Council meeting as scheduled <br />so that would eliminate units. Mr. Mike Harris indicated they <br />needed enough projects to participate in the feasibility study to <br />get a rating for the City. <br />Commissioner Jamieson said that if they don't have a sufficient <br />number of approved projects to float a bond issue, the deadline <br />is irrelevant. Mr. Mike Harris indicated that if the bonds come <br />in March or April his project and Joe Madder's will have to sell <br />and other units will have to be brought into the bond project. <br />He said some of the units would be S~ down and 95o financing. <br />Mr. Swift indicated that in order for the City to sell bonds in <br />January the project will have to have been approved by the City <br />Council for bond rating and that they need to consider projects <br />that have been approved by the City or already under construction. <br />He indicated that the Planning Commission will meet 12/16/81 to <br />discuss the proposed immobile home park and the baon proposal and <br />that sufficient projects must be approved for bond rating in <br />January 1982. <br />Chairperson Ge tty indicated that it is very unfortunate that the <br />City Council hasn't given consideration to the items brought up <br />at this meeting earlier. <br />