HomeMy WebLinkAboutCCRes_05-06RESOLUTION 2005-06
• RESOLUTION CALLING FOR A PUBLIC HEARING
ON A PROPOSAL FOR FINANCING ELDERLY HOUSING FACILITIES
AND AUTHORIZING PUBLICATION OF A NOTICE OF THE HEARING
(a) WHEREAS, Minnesota Statutes, Section 462C, as amended (the "Act"),
authorizes municipalities 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; and
(b) WHEREAS, the City Council of the City of Falcon Heights, Minnesota
(the "City"), has received from Pines of Hutchinson, LLC, a Minnesota limited liability
company (the "Borrower"), a proposal that the City assist in financing a project
hereinafter described, through. the issuance of revenue bonds (the "Bonds") by the City
pursuant to a Joint Powers Agreement between the City and the City of Hutchinson,
Minnesota ("Hutchinson"); and
(c) The Borrower or a related entity proposes to acquire a 50-unit independent
senior housing facility located at 1015 Century Avenue SW in Hutchinson; and
• (d) Pursuant to Minnesota Statutes, Section 471.59, as amended, the City and
Hutchinson will enter into a joint powers agreement authorizing the City to issue revenue
bonds to finance acquisition of the facilities; and
(e) WHEREAS, before proceeding with consideration of the request of the
Borrower, it is necessary for the City to hold a public hearing on the proposal.
NOW THEREFORE, BE IT RESOLVED by the City Council of the City of Falcon
Heights, Minnesota, as follows:
1. A public hearing on the proposal of the Borrower will be held at the time and
place set forth in the Notice of Public Hearing hereto attached.
2. The general nature of the proposal and an estimate of the principal amount of
Bonds to be issued to finance the proposal are described in the attached form of Notice of Public
Hearing.
3. Drafts of documents including the housing program related to the Bonds are on
file in the office of the City Administrator.
4. The actions of City staff in publishing notice of the hearing for one publication in
the official newspaper of the City, not less than 15 days prior to the date fixed for the hearing,
substantially in the form of the attached Notice of Public Hearing, are hereby ratified.
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Adopted by the City Council of the Cit
• May, 2005.
ATTEST:
Bather M. Worthington, City dministrator
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y of Falcon Heights, Minnesota, this 25th day of
Susan L. Gehrz, Mayor
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STATE OF MINNESOTA
• COUNTY OF RAMSEY
CITY OF FALCON HEIGHTS
I, the undersigned, being the duly qualified and acting City Administrator of the City of
Falcon Heights, Minnesota, DO HEREBY CERTIFY that I have compared the attached and
foregoing extract of minutes with the original thereof on file in my office, and that the same is a
full, true and complete transcript of the minutes of a meeting of the City Council of said City
duly called and held on the date therein indicated, insofar as such minutes relate to calling for a
public hearing on the Pines of Hutchinson, LLC Project.
WITNESS my hand and the seal of said City this 26 day of May, 2005.
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(SEAL)
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eather M. Worthington, Ci Administrator
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