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the lower-income units were guaranteed until 200Z In 2005, the property owner must decide <br />whether to pay off the bonds or renegotiate the rate. Under any circumstances, so long as bonds <br />are outstanding, the lower income units are guaranteed to at least 2007 and at the longest, until <br />the year 2010. <br /> <br />Mayor Tarver declared the public hearing open. <br /> <br /> Joe Raphel, managing general partner and owner of the Civic Square Apartments, 4155 <br />Blackhawk Plaza Circle, Suite 201, Danville, indicated the earlier bond refinancing fell'through <br />because of problems with the lender. He complimented staff for their time and hard work to <br />get this accomplished. He agreed with all of the staff recommendations. <br /> <br />Mr. Pico arrived at the meeting at 7.'12 p.m. <br /> <br />There being no further testimony, the public hearing was closed. <br /> <br /> It was moved by Ms. Mohr, seconded by Ms. Michelotti, to adopt Resolution No. 94- <br />146, authorizing the issuance, sale and delivery of multifamily housing revenue refunding bonds, <br />authorizing the execution and delivery of related doCuments and approving actions in connection <br />therewith, with the time period guaranteed through 2007 for the lower-income units to be <br />available and through 2010 if the bonds are not paid off prior to that. <br />The vote was as follows: <br />AYES: Councilmembers - Dennis, Mohr, Michelotti, Pico, and Mayor Tarver <br />NOES: None <br />ABSENT: None <br />ABSTAIN: None <br /> <br />Council Consideration of Advance of Funds for the Case Avenue Housing Project <br />(SR 94:414) <br /> <br />Steven Bocian presented the staff report. <br /> <br /> Mr. Pico expressed his concern that the developer has not contributed anything toward <br />the funding of this project and is not at risk. He believed it was reasonable for the developer <br />to advance the money for the building permits. <br /> <br /> Ms. Acosta indicated this request to transfer funds is generated by staff and is being done <br />to adhere to Council's desire to have the developer comply with growth management <br />requirements and pull building permits before the end of the year. The funds will be reimbursed <br />to the City's Lower Income Housing Fund. <br /> <br />12/13/94 <br /> <br />Page 2 <br /> <br /> <br />