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.,: .._.r_j.".4{jt *� c�� v } ke�, `1^ FC> U i3At���S�nf . H4 � , t E' ® u CCE , � els y4 �+ 11EE ', t � <br /> # uk t ' 1a ; > wfi' , f 'M { ¢ <br /> arg^ S.s£ Ssti, 3rrfi �1y Ryr? tg44 fx$ tl" y4 . X 4;3,451f1�t-gl f,WV P ,9nA <br /> PROJECT TITLE: 2 <br /> Plan of Financing and Related 5/25/11 Briefing COUNCIL BILL# <br /> Obligations to be issued by the Proposed Action Originating Department Finance <br /> Housing Authority of the City Consent Contact Person Debra Bryant <br /> of Everett 6/1/11 Action Phone Number X 8608 <br /> First Reading FOR AGENDA OF <br /> Second Reading <br /> Third Reading <br /> Public Hearing <br /> Budget Advisory Initialed by: <br /> Department Head <br /> CAA <br /> Council President <br /> Location Preceding Action Attachments Department(s) Approval <br /> Amount Budgeted -0- <br /> Expenditure Required -0- Account Number(s): <br /> Budget Remaining -0- <br /> Additional Required -0- <br /> DETAILED SUMMARY STATEMENT: <br /> The Everett Housing Authority(EHA)has secured a financing package for rehabilitation of Broadway Plaza, <br /> a 190-unit, low-income apartment complex. This financing involves issuing"private activity"bonds for <br /> qualified residential rental projects. IRS rules require that the City approve the issue after EHA conducts a <br /> public hearing. Public notice was published in a timely manner and the public hearing was conducted as <br /> required. <br /> The City's approval carries no duty or responsibility for the payment of the obligations. <br /> RECOMMENDATION: Approve the Mayor to sign the certificate approving the Everett Housing <br /> Authority's plan of financing and related obligations to be issued by the Housing Authority of the City of <br /> Everett. <br /> 3 <br />