RES 13-043 Multifamily Housing Rev Bonds

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CITY OF SAINT ANTHONY VILLAGE STATE OF MINNESOTA RESOLUTION NO.13-043 RESOLUTION GIVING PRELIMINARY APPROVAL TO THE ISSUANCE OF MULTIFAMILY HOUSING REVENUE BONDS PURSUANT TO MINNESOTA STATUTES, CHAPTERS 462A AND 462C, ON BEHALF OF ST. ANTHONY LEASED HOUSING ASSOCIATES II, LIMITED PARTNERSHIP BE IT RESOLVED by the City Council of the City of St. Anthony, Minnesota (the "City"), as follows: Section 1. Recitals 1.1 St. Anthony Leased Housing Associates II, Limited Partnership, a Minnesota limited partnership (the `Borrower"), has proposed that the City issue its multifamily housing revenue bonds in one or more series (the "Bonds") and loan the proceeds to the Borrower. The proceeds of the Bonds would be used to finance a portion of the costs of the acquisition, construction and equippi% of a 169 -unit multifamily senior housing Project (the "Project') located at 2500 38' Avenue NE in the City. The Borrower has requested that the City consider the issuance of the Bonds, in a principal amount not to exceed $18,750,000, to assist in the financing of the Project. The City is authorized by Minnesota Statutes, Chapter 462C (the "Act'), to issue its revenue bonds (the "Bonds") to finance multifamily housing Projects such as the Project. Minnesota Statutes, Section 462C.07 provides that programs for such multifamily housing Projects may be financed with revenue bonds issued by the City, following adoption of a housing program, after a public hearing, and other proceedings conducted in accordance with the requirements of the Act. A copy of the Housing Program prepared with respect to the Project and its financing (the "Housing Program") has been presented to this Council and is ordered placed on file with the City Clerk. The Housing Program has been submitted to the Metropolitan Council for review and comment as required by the Act. 1.2. At a public hearing, duly noticed and held on the date hereof, in accordance with Minnesota Statutes, Section 462C.05, subdivision 5 and Section 147(f) of the Internal Revenue Code of 1986, as amended, on the proposal to issue the Bonds and approve the Housing Program, all parties who appeared at the hearing were given an opportunity to express their views with respect to such proposal and interested persons were given the opportunity to submit written comments to the City Manager before the date of the hearing.