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Resolution 7641
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Resolution 7641
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6/25/2019 10:09:45 AM
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7/20/2010 11:27:13 AM
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RESOLUTION NO. 7641 <br />CITY OF MOUNDS VIEW <br />COUNTY OF RAMSEY <br />STATE OF MINNESOTA <br />RESOLUTION RELATING TO A MULTIFAMILY SENIOR HOUSING <br />DEVELOPMENT, AND THE ISSUANCE OF REVENUE BONDS TO FINANCE <br />THE COSTS THEREOF UNDER MINNESOTA STATUTES, CHAPTER 462C, <br />AS AMENDED; GRANTING PRELIMINARY APPROVAL THERETO; <br />ESTABLISHING COMPLIANCE WITH CERTAIN REIMBURSEMENT <br />REGULATIONS UNDER THE INTERNAL REVENUE CODE OF 1986, AS <br />AMENDED; AND TAKING CERTAIN OTHER ACTIONS WITH RESPECT <br />THERETO <br />BE IT RESOLVED by the City Council of the City of Mounds V iew, Minnesota (the "City"), as <br />follows: <br />Section 1. Recitals. <br />l.01. The City is a home rule charter city duly organized and existing under the Constitution and <br />laws of the State of Minnesota and its charter. <br />1.02. Pursuant to Minnesota Statutes, Chapter 462C, as amended (the "AcY'), the City is <br />authorized to carry out the public purposes described in the Act by providing for the issuance of revenue <br />bonds to provide funds to finance or refinance multifamily housing developments located within the City. <br />1.03. As a condition to the issuance of such revenue bonds, the City must adopt a housing <br />program providing the information required by Section 462C.03, subdivision la, of the Act (the "Housing <br />Program"). A public hearing must be held in accordance with the requirements of Section 147(~ of the <br />Internal Revenue Code of 1986, as amended (the "Code"), and the requirements of the Act. The City <br />Council of the City must also grant preliminary approval to the issuance of revenue bonds to finance the <br />multifamily housing development referred to in the Housing Program, and authorize the submission of an <br />application to Minnesota Management & Budget for an allocation of bonding authority with respect to the <br />Bonds (as hereinafter defined) to finance the Project (as hereinafter defined). <br />1.04. Select Senior Living of Mounds View, L.L.C., a Minnesota limited liability company (the <br />`Borrower"), has proposed that the City, pursuant to the Act, issue its revenue bonds in an aggregate <br />principal amount not to exceed $15,000,000, in one or more series at one time or from time to time (the <br />`Bonds"), the proceeds of which will be loaned by the City to the Borrower to be applied by the Borrower <br />to the acquisition, construction, and equipping of an approximately 95-unit multifamily senior housing <br />facility with 19 memory care units, 44 assisted living units, and 32 independent living units, to be Iocated <br />at the northwest quadrant of the intersection of Groveland Road and County Road 10 in the City (the <br />"Project"). The Borrower will apply the proceeds of the loan to: (i) the acquisition, construction and <br />equipping of the Project; (ii) the funding of one or more reserve funds to secure the timely payment of Yhe <br />Bonds; and (iii) the payment of the costs of issuing the Bonds. <br />1.05. Under Section 147(~ of the Internal Revenue Code of 1986, as amended (the "Code"), <br />prior to the issuance of the Bonds a public hearing duly noticed must be held by the City CounciL Under <br />Section 462C.04, subdivision 2, of the Act, a public hearing must be held on the housing program after <br />371381v1 JSB KG400-1 <br />
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