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<br />~9'~ <br /> <br />TUESDAY <br /> <br />DECEMBER 18, 1984 <br /> <br />would participate in the consortium's formal pruposals, should Council invite the <br /> <br />same, whereby the Council would be given a choice between fixed interest rates vs. <br /> <br />variable interest rates, with variable maturities (i.e., twelve-year life or twenty- <br /> <br />year life, etc.). After discussing certain parameters necessary to the design of bid <br /> <br />proposals and expressing concurrence with Mr. Howe's revised recommendation that <br /> <br />financing proposals be invited from local banks, Council directed, as follows: <br /> <br />A. That financing proposals be solicited from local banks, either <br />collectively or individually; <br /> <br />B. That such proposals be submitted to Wheat, First Securities on <br />January 15, 1985; <br /> <br />C. That, after analyzing the proposals received, Wheat forward its <br />recommendations thereon to City Manager Edmonds on January 18th, <br />for relay to Council prior to Council's regular January 22nd <br />meeting; <br /> <br />D. That, at said January 22nd regular meeting, if it elects, <br />Council accept the best proposal; and <br /> <br />E. That February 26th be established as the "closing date". <br /> <br />By report dated December 6, 1984, City Manager Edmonds informed Council that a con- <br /> <br />tinuation of the current Housing Rehabilitation Program, in the form of rehabilita- <br /> <br />tion of twenty low-and-moderate income owner-occupied units in the City's "Southside" <br /> <br />area, is estimated to cost $287,000.00 (being for the period July 1, 1985, through <br /> <br />December 31, 1986). Financing of this program, Mr. Edmonds suggested, could be <br /> <br />accomplished as follows: <br /> <br />Current and/or accumulating HRP funds <br />Piedmont Trust Bank unit loans <br />Sub-Total <br />Local City funds (for adm. expenses) <br />Estimated Program Cost <br /> <br />$ 152,300 <br />75,000 <br />227,300 <br />59,700 <br />$ 287,000 <br /> <br />All members of Council appeared to be in favor of attempting to provide rehabilita- <br /> <br />tion of housing units (in the area proposed); however, several members expressed <br /> <br />reservations as to using "local tax dollars", whereas--in response to an inquiry-- <br /> <br />City Manager Edmonds recommended that Council refrain from using Revenue Sharing <br />