Resolution 9772 - Laserfiche WebLink

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L*M1 ; _tW1 NOTICE OF PUBLIC HEARING ON A HOUSING PROGRAM FOR A MULTIFAMILY HOUSING PROJECT (TORRE DE SAN MIGUEL, WESTMINSTER PLACE AND VISTA VILLAGE PROJECTS) NOTICE IS HEREBY GIVEN that the City Council of the City of Mounds View, Minnesota (the "City") will conduct a public hearing on , 2024 at 6:00 p.m., or as soon thereafter as the matter may be heard, at the City Hall at 2401 Mounds View Boulevard in the City on a proposal of the CommonBond Communities, a Minnesota nonprofit corporation (or another entity to be formed by or affiliated with CommonBond Communities, the "Borrower") that the City finance the acquisition, renovation, construction, and equipping of certain rental housing developments, hereinafter described, by the issuance of conduit revenue bonds or other obligations (the "Bonds") pursuant to Minnesota Statutes, Chapter 462C, as amended, and Minnesota Statutes, Sections 471.59 and 471.656, as amended, and that the City adopt a housing program for such bonds. The Bonds are proposed to be issued to (i) finance the acquisition, renovation, construction and equipping of (a) an existing 142-unit apartment community and related amenities located at 58 Wood Street in St. Paul, Minnesota ("St. Paul"), (b) an existing 48-unit apartment community and related amenities located at 422 Concord Street in St. Paul, and (c) an existing 99-unit apartment community and related amenities located at 1374 Westminster Street in St. Paul (collectively the "Project"); (ii) fund one or more reserve funds to secure the timely payment of the Bonds, if necessary; (iii) pay interest on the Bonds during the construction of the Project, if necessary; and (iv) pay the costs of issuing the Bonds (collectively, the "Project"). The Project will be owned and operated by the Borrower. The aggregate face amount of the Bonds proposed to be issued to finance the Housing Program is not to exceed $56,716,000. The Bonds may be issued in one or more series, at one time or from time to time, of tax-exempt or taxable obligations with the principal amount to be issued with respect to each of the following properties located in the City estimated not to exceed the following amounts: Address(es) Amount Torre de San Miguel 58 Wood Street $ Westminster Place 1374 Westminster Street $ Vista Village 422 Concord Street The Bonds, if and when issued, will be special, limited obligations of the City, and the Bonds and interest thereon will be payable solely from the revenues and assets pledged to the payment thereof. No holder of any Bond will have the right to compel any exercise of the taxing power of the City to pay the Bonds or the interest thereon, nor to enforce payment against any property of the City except money payable by the Borrower to the City and pledged to the payment of the Bonds. Before issuing the Bonds, the City will enter into an agreement with the Borrower, whereby the Borrower will be obligated to make payments at least sufficient at all times to pay the principal of and interest on the Bonds when due. Following the public hearing, the Council will consider a resolution approving a housing program prepared in accordance with the requirements of the Act and granting approval to the issuance of the Bonds. SA130-289-879544A A-5