09-09-1992 Council Agenda - Laserfiche WebLink

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not later than the end of the current calendar year. This Program is contemplated to be undertaken pursuant to Section 462C.05, Subd. 4, of the Act and, therefore, it is contemplated that there shall be no specific limitation on the gross income of the occupants. It is nevertheless the anticipation of the Corporation that residents of the financed facilities will consist primarily of moderate income persons. Program requirements as to the Facilities are to be monitored by the City or private parties, as will be provided in the applicable agreements to be entered into in connection with the issuance of the Bonds. 3. Need for the Program. The Act and the City's Housing Plan establish the need and necessity for this Program. The Housing Plan recognizes and is consistent with a goal of maintaining and increasing the number of units of affordable housing for elderly as well as low and moderate income persons and families in the City. The Housing Plan also emphasizes the promotion of multi - family rental developments. Finally, the Housing Plan affirms that achievement of the City's housing goals should occur through qualified business entities, supported by government financing programs. By virtue of issuing the Bonds and providing financing for the Facilities, the City will be assisting in the reduction of the overall costs of operating the Facilities and the attendant reduction in charges otherwise necessary to be made to the residents thereof. 4. Description of Facilities. The Facilities which are to be the subject of the proposed financing are to consist of a rental housing facility for senior citizens, to be located on the east side of Market Place Drive, approximately 190 feet north of Little Canada Road, in the City (the "Facility "). The Facility is to consist of up to 95 units. Upon completion, the building is to contain not -to- exceed 100,000 square feet. The Facility is to be owned by The Presbyterian Homes of Minnesota, Inc., a Minnesota nonprofit corporation, or a corporation affiliated therewith (as referred to generally herein in the alternative, the "Corporation "). It is anticipated that the proceeds of the Bonds may also be used, in part, to pay for certain costs of issuance of the Bonds, to the extent such costs are within an amount equal to 2.00% of the proceeds of the Bonds, and to fund any necessary reserves, including a debt service reserve fund, as required. Issuance costs in excess of available bond proceeds are to be paid for by the Corporation from funds other than proceeds of the Bonds. MFF013E0.WP5 -2- Page 6