|
CITY OF MOUNDS VIEW
<br /> COUNTY OF RAMSEY
<br /> STATE OF MINNESOTA
<br /> Member introduced the following resolution and moved its adoption
<br /> RESOLUTION 10009
<br /> AUTHORIZING THE ISSUANCE,SALE,AND DELIVERY OF ITS CONDUIT
<br /> MULTIFAMILY HOUSING REVENUE BONDS FOR THE SIBLEY
<br /> PARK/SIBLEY COURT PROJECT; ADOPTING A HOUSING PROGRAM;
<br /> AUTHORIZING THE EXECUTION AND DELIVERY OF THE BONDS AND
<br /> RELATED DOCUMENTS; PROVIDING FOR THE SECURITY,RIGHTS,AND
<br /> REMEDIES WITH RESPECT TO THE BONDS; AND GRANTING APPROVAL
<br /> FOR CERTAIN OTHER ACTIONS WITH RESPECT THERETO
<br /> WHEREAS, the City of Mounds View, Minnesota (the "City"), is a home rule city and political
<br /> subdivision duly organized and existing under the Constitution, its Charter and laws of the State of
<br /> Minnesota; and
<br /> WHEREAS, pursuant to Minnesota Statutes, Chapters 462C and 474A, as amended(collectively,
<br /> the "Act"), the City is authorized to carry out the public purposes described in the Act by issuing revenue
<br /> bonds and notes or other obligations to finance multifamily housing developments, and as a condition to
<br /> the issuance of such revenue obligations, adopt a housing program providing the information required by
<br /> Section 462C.03, subdivision 1 a, of the Act; and
<br /> WHEREAS,Minnesota Statutes, Section 471.656, as amended, authorizes a municipality to issue
<br /> obligations to finance the acquisition or improvement of property located outside of the corporate
<br /> boundaries of such municipality if the obligations are issued under a joint powers agreement between the
<br /> municipality issuing the obligations and the municipality in which the property to be acquired or improved
<br /> is located. Pursuant to Minnesota Statutes, Section 471.59, as amended, by the terms of a joint powers
<br /> agreement entered into through action of their governing bodies, two municipalities may jointly or
<br /> cooperatively exercise any power common to the contracting parties or any similar powers,including those
<br /> which are the same except for the territorial limits within which they may be exercised and the joint powers
<br /> agreement may provide for the exercise of such powers by one or more of the participating governmental
<br /> units on behalf of the other participating units; and
<br /> WHEREAS,in the issuance of the City's revenue obligations and in the making of a loan to finance
<br /> or refinance a multifamily housing development,the City may exercise,within its corporate limits, any of
<br /> the powers that the Minnesota Housing Finance Agency may exercise under Minnesota Statutes, Chapter
<br /> 462A, as amended, including without limitation under the provisions of Minnesota Statutes, Chapter 475,
<br /> as amended; and
<br /> WHEREAS, OAHS Sibley TC LLLP, a Minnesota limited liability limited partnership (the
<br /> "Borrower"), has requested that the City issue multifamily housing revenue bonds,pursuant to the Act, in
<br /> an aggregate principal amount not to exceed $45,000,000, in one or more series, at one time or from time
<br /> to time (the "Obligations") and lend the proceeds thereof to the Borrower to (i)finance the acquisition,
<br /> renovation, construction and equipping of an existing approximately 114-unit rental housing facility and
<br /> related amenities known as Sibley Park and located at 211 7th Street East in Saint Paul,Minnesota("Saint
<br /> Paul"); (ii) finance the acquisition, renovation, construction and equipping of an existing approximately
<br /> SA130-295-988488.v2
<br />
|