Laserfiche WebLink
Extract of Minutes of a Meeting of the <br />City Council of the City of Little Canada <br />Pursuant to due call and notice thereof, a regular meeting of the City Council of the City <br />of Little Canada was duly held in the City of Little Canada, Minnesota, on Wednesday, May 28, <br />2014, at 7:30 o'clock P.M. <br />The following members were present: <br />and the following were absent: <br />During said meeting introduced the following resolution and moved its <br />adoption: <br />RESOLUTION NO. <br />RESOLUTION APPROVING THE ISSUANCE ANI) SALE OF <br />HEALTH CARE FACILITY REVENUE NOTES AND AUTHORIZING THE EXECUTION <br />OF DOCUMENTS RELATING THERETO <br />(MARANATI-IA CARE CENTER PROJECT) <br />WHEREAS, <br />(a) The purpose of Minnesota Statutes, Sections 469.152 to 469.1655 (the <br />"Act"), as found and determined by the legislature, is to promote the welfare of the state by the <br />active attraction and encouragement and development of economically sound industry and <br />commerce to prevent so far as possible the emergence of obligated and marginal lands and areas <br />of chronic unemployment; <br />(b) The City of Little Canada, Minnesota (the "City") desires to facilitate the <br />selective development of the community, retain and improve the tax base and help to provide the <br />range of services and employment opportunities required by the population, including senior <br />housing and health care services; and the Project (defined below) will assist the City in achieving <br />those objectives and will enhance the image and reputation of the community; <br />(c) Maranatha Conservative Baptist Home, Inc., a Minnesota nonprofit <br />corporation ("MCBI-I"), and Center Park Senior Apartments, Inc., a Minnesota nonprofit <br />corporation ("CPSA" and, with MCBI-1, jointly and severally as tenants-in-common, the <br />"Borrower"), and each an organization described in Section 501(c)(3) of the Internal Revenue <br />Code of 1986, as amended (the "Code"), have proposed that the City, along with the City of <br />Osseo, Minnesota ("Osseo") and the City of North Oaks, Minnesota ("North Oaks"), undertake a <br />(,233403v2 <br />4 <br />