Laserfiche WebLink
EXHIBIT A <br />NOTICE OF PUBLIC HEARING <br />ON A HOUSING PROGRAM FOR <br />A MULTIFAMILY HOUSING PROJECT <br />(PLATO APARTMENTS AT FARWELL YARDS PROJECT) <br />NOTICE IS HEREBY GIVEN that the City Council of the City of Mounds View, Minnesota (the <br />"City") will conduct a public hearing on , 2022 at 6:30 p.m., or as soon thereafter as the matter <br />may be heard, at the City Hall at 2401 Mounds View Boulevard in the City on a proposal of the 115 <br />Plato, LP, a Minnesota limited partnership (or another entity to be formed by or affiliated with Buhl <br />Investors, the "Borrower") that the City finance the acquisition, construction, and equipping of certain <br />rental housing developments, hereinafter described, by the issuance of conduit revenue bonds or other <br />obligations (the "Bonds") pursuant to Minnesota Statutes, Chapter 462C, as amended, and that the City <br />adopt a housing program for such bonds. <br />The Bonds are proposed to be issued to (i) finance the acquisition of property and the demolition <br />of an existing building thereon and the construction, and equipping of a 4-story approximately 63 unit <br />rental housing facility and related amenities all located at 115 Plato Boulevard West in Saint Paul, <br />Minnesota (the "Project"); (iii) fund one or more reserve funds to secure the timely payment of the Bonds, <br />if necessary; (iii) pay interest on the Bonds during the construction of the Project, if necessary; and (iv) <br />pay the costs of issuing the Bonds (collectively, the "Project"). The Project will be owned and operated <br />by the Borrower. <br />The estimated maximum aggregate principal amount of the Bonds to be issued to finance the <br />Project is $11,000,000. <br />The Bonds if and when issued will be special, limited obligations of the City, and the Bonds and <br />interest thereon will be payable solely from the revenues and assets pledged to the payment thereof. No <br />holder of any Bond will have the right to compel any exercise of the taxing power of the City to pay the <br />Bonds or the interest thereon, nor to enforce payment against any property of the City except money <br />payable by the Borrower to the City and pledged to the payment of the Bonds. Before issuing the Bonds, <br />the City will enter into an agreement with the Borrower, whereby the Borrower will be obligated to make <br />payments at least sufficient at all times to pay the principal of and interest on the Bonds when due. <br />Following the public hearing, the Council will consider a resolution approving a housing program <br />prepared in accordance with the requirements of the Act and granting approval to the issuance of the <br />Bonds. A copy of the housing program will be on file at City Hall, Monday through Friday during the <br />City's normal business hours until the date of the Public Hearing. <br />At the time and place fixed for the Public Hearing, the City Council will give all persons who <br />appear or submit comments in writing to the City Council prior to the hearing, an opportunity to express <br />their views with respect to the proposal. In addition, interested persons may file written comments <br />respecting the proposal with the City to the attention of the City Administrator, at (763) 717-4000 at or <br />prior to said public hearing. <br />Publish )2022. <br />sA130-281-810722.v2 A -I <br />