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Resolution 9765
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Resolution 9765
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Last modified
1/28/2025 4:55:33 PM
Creation date
6/14/2023 10:07:14 AM
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MV Commission Documents
Commission Name
City Council
Commission Doc Type
Resolutions
MEETINGDATE
6/12/2023
Commission Doc Number (Ord & Res)
9765
Supplemental fields
City Council Document Type
Resolutions
Date
6/12/2023
Resolution/Ordinance Number
9765
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EXHIBIT A <br />NOTICE OF PUBLIC HEARING <br />ON A HOUSING PROGRAM FOR <br />A MULTIFAMILY HOUSING PROJECT <br />(JOSEPH'S POINT AT UPPER LANDING 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 , 2023 at 6:00 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 Schafer <br />Richardson, LLC, a Minnesota limited liability company (or another entity to be formed by or affiliated <br />with Schafer Richardson, LLC, the "Borrower") that the City finance the acquisition, renovation, <br />construction, and equipping of certain rental housing developments, hereinafter described, by the issuance <br />of conduit revenue bonds or other obligations (the "Bonds") pursuant to Minnesota Statutes, Chapter 462C, <br />as amended, and Minnesota Statutes, Sections 471.59 and 471.656, as amended, and that the City adopt a <br />housing program for such bonds. <br />The Bonds are proposed to be issued to (i) finance the acquisition, renovation, construction and <br />equipping of an existing 90-unit apartment community, related amenities and underground parking all <br />located at 200 Wilkin Street in Saint Paul, Minnesota (the "Project"); (ii) fund one or more reserve funds <br />to secure the timely payment of the Bonds, if necessary; (iii) pay interest on the Bonds during the <br />construction of the Project, if necessary; and (iv) pay the costs of issuing the Bonds (collectively, the <br />"Project"). The Project will be owned and operated by the Borrower. <br />The estimated maximum aggregate principal amount of the Bonds to be issued to finance the <br />Project is $13,000,000. <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 payable <br />by the Borrower to the City and pledged to the payment of the Bonds. Before issuing the Bonds, the City <br />will enter into an agreement with the Borrower, whereby the Borrower will be obligated to make payments <br />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 Bonds. <br />A copy of the housing program will be on file at City Hall, Monday through Friday during the City's normal <br />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 Mark Beer, at (763) 717-4000 at or prior to said <br />public hearing. <br />Publish , 2023. <br />SA 130-290-877671.v2 A-1 <br />
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