CCAgenda_05Jun8 - Laserfiche WebLink

Home Browse Search

FALCON HEIGHTS, MINNESOTA • PROGRAM FOR A MULTIFAMILY HOUSING DEVELOPMENT Pursuant to Minnesota Statutes, Chapter 462C, as amended (the "Act"), the City of Falcon Heights, Minnesota (the "Issuer") is authorized to develop and administer programs to finance the acquisition and construction of multifamily housing developments under the circumstances and within the limitations set forth in the Act. Section 46X.07 of the Act provides that such programs for multifamily housing developments may be financed through the issuance of revenue obligations payable exclusively from the revenues of the program or developments. Pursuant to Minnesota Statutes, Section 471.656 and Section 471.59, as amended, the Issuer will enter into a Joint Powers Agreement with the City of Hutchinson ("Hutchinson") in order to preserve "bank qualification" and to provide for the Issuer to issue the Bonds, as hereinafter defined. The Issuer received a proposal from Maplewood Senior Housing, Inc. ("Maplewood"), a Minnesota nonprofit corporation and atax-exempt 501(c)(3) organization, that the Issuer approve a program providing for the design, construction, and equipping of a 50-unit independent senior housing facility (the "Project") located on a 2.53 acre project site at 1015 Century Avenue SW, on the southern edge of Hutchinson. The Project is to be owned by the Pines of Hutchinson, LLC, a Minnesota limited liability company (the "Owner") of which Maplewood is the sole member, and operated by Ecumen Services, Inc., awholly-owned management company of Ecumen, a Minnesota nonprofit corporation. The management contract shall conform to the management contract rules of the Internal Revenue Service as a "conforming" management contract. The design, construction, and equipping of the Project • is to be funded through the issuance of one or more series of up to $5,350,000 in aggregate principal amount of revenue notes, bonds or obligations (the "Bonds"), to be issued by the Issuer, pursuant to the terms of a Loan Agreement between the Issuer and Owner. The Project will be operated as a multifamily residential senior housing rental project. The units in the Project are designed for rental primarily to elderly or handicapped persons. The site is located adjacent to a 42 unit assisted living facility (The Oaks of Hutchinson) owned by Second Century Housing and managed by Ecumen Services, Inc. The Project will consist of a contiguous two-story building. It is slab on grade and contains approximately 51,550 gross square feet of interior area. The building is a wood frame structure with vinyl siding and an asphalt single roof. The facility contains 50 units in the following configuration: Unit Description Number of Units Square Feet/Unit One Bedroom 10 510 One Bedroom-Handicapped Accessible 2 510 One Bedroom-No PatioBalcony 8 ~ 640 One Bedroom-Balcony 8 640 One Bedroom-Patio 8 640 One Bedroom-Den 4 980 Two Bedroom-No PatioBalcony 4 851 Two Bedroom-Patio 2 851 Two Bedroom-Balcony 2 851 Two Bedroom 2 900 • -1- l~