HomeMy WebLinkAboutCity Council Resolution 1993-248CITY OF PLYMOUTH
RESOLUTION 93-248
APPROVAL OF INTERNAL FINANCING FOR THE DEVELOPMENT OF SENIOR
CITIZEN HOUSING
WHEREAS, the Plymouth City Council endorses the development of 99 units of senior citizen
housing in the most economical and prudent manner possible; and,
WHEREAS, the concept of providing an inter -fund loan to the Plymouth Housing and
Redevelopment Authority (HRA) would result in a lower interest rate than an open market sale
of bonds; and,
WHEREAS, in addition the HRA will save over $500,000 of assorted underwriting and other
bond issuing fees with the use of internal financing;
NOW, THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL- OF THE
CITY OF PLYMOUTH, MINNESOTA, that it endorses the concept of an inter -fund loan to
the HRA for the development of 99 units of senior citizen housing at the northeast corner of
Plymouth Boulevard and 37th Avenue North.
Adopted by the City Council on May 3, 1993.
(staffreport/res: senhouse)