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Minutes - City of San Leandro City Council Meeting Page - 4 - <br />September 15, 1997 <br />C. Matter of Proposed Issuance by the City of San Leandro of Multi- <br />Family Housing Revenue Bonds, in an Amount Not to Exceed <br />$15,000,000, for the Purpose of Financing an Approximately 144- <br />Unit Multi-Family Rental Housing Development, Known as "Carlton <br />Plaza of San Leandro," Which Is to Be Owned by MacEngle Partners, <br />a California General Partnership, or an Entity Related Thereto or <br />to the General Partners Thereof, and Which Is to Be Located at <br />1000 East 14th Street. <br />This being the time and place for the Public Hearing on the above <br />matter, City Manager John Jermanis gave a brief staff report <br />regarding the proposed issuance of the bonds. <br />The Hearing was then opened to the public. <br />Lou Filipovich, 15376 Laverne Drive, addressed the Council and <br />asked who they are tax exempt for. The City Manager responded <br />that they are tax exempt for the buyer and that there is a <br />variable rate. The City Attorney noted this bond issuance does <br />not require voter approval. This is only a conduit for financing <br />of an already approved project. Mr. Filipovich also clarified <br />that there is no Redevelopment Agency participation in this <br />project. <br />There being no further comments from the public, the Public <br />Hearing was closed. <br />M/S/C Loeffler and Polvorosa. Ayes: 6; Noes: 0; Absent: Galvan <br />The following Resolution was then introduced: <br />- Resolution No. 97-119, Resolution Authorizing the Issuance, <br />Sale and Delivery of City of San Leandro Variable Rate Demand <br />Multi-Family Housing Revenue Bonds (Carlton Plaza of San <br />Leandro Project) Series 1997A and City of San Leandro Variable <br />Rate Demand Multi-Family Housing Revenue Taxable Bonds (Carlton <br />Plaza of San Leandro Project) Series 1997A-T, Authorizing the <br />Execution and Delivery of a Trust Indenture, a Loan Agreement, <br />a Regulatory Agreement and Declaration of Restrictive <br />Covenants, an Official Statement and a Bond Purchase Agreement, <br />and Authorizing the Execution and Delivery of and Approving <br />Other Related Actions in Connection Therewith. (2831} <br />M/S/C Loeffler and Polvorosa. Ayes: 6; Noes: 0; Absent: Galvan <br />