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Resolution 9817
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Resolution 9817
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Last modified
1/28/2025 4:55:49 PM
Creation date
10/24/2023 2:27:06 PM
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MV Commission Documents
Commission Name
City Council
Commission Doc Type
Resolutions
MEETINGDATE
10/23/2023
Commission Doc Number (Ord & Res)
9817
Supplemental fields
City Council Document Type
Resolutions
Date
10/23/2023
Resolution/Ordinance Number
9817
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EXHIBIT A <br />NOTICE OF PUBLIC HEARING <br />ON A HOUSING PROGRAM FOR <br />A MULTIFAMILY HOUSING PROJECT <br />(CENTRAL TOWERS APARTMENTS 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 , 2024 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 Schuett <br />Central Towers, LLLP, a Minnesota limited liability limited partnership (or another entity to be formed by <br />or affiliated with The Schuett Companies, Inc., the "Borrower") that the City finance the acquisition, <br />renovation, construction, and equipping of certain rental housing developments, hereinafter described, by <br />the issuance of conduit revenue bonds or other obligations (the "Bonds") pursuant to Minnesota Statutes, <br />Chapter 462C, as amended, and Minnesota Statutes, Sections 471.59 and 471.656, as amended, and that the <br />City adopt a 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 193-unit apartment community and related amenities all located at 20 E Exchange <br />Street in Saint Paul, Minnesota (the "Project"); (ii) fund one or more reserve funds to secure the timely <br />payment of the Bonds, if necessary; (iii) pay interest on the Bonds during the construction of the Project, if <br />necessary; and (iv) pay the costs of issuing the Bonds (collectively, the "Project"). The Project will be <br />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 $16,500,000. <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 Gayle Bauman, at (763) 717-4000 at or prior to said <br />public hearing. <br />Publish , 2024. <br />SA130-292-904507.v2 A-1 <br />
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