Resolution 7641 - Laserfiche WebLink

Home Browse Search

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