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j <br /> RESOLUTION NO. X85-027 <br /> RESOLUTION RELATING TO A MULTIFAMILY HOUSING <br /> DEVELOPMENT PROGRAM UNDER MINNESOTA STATUTES, CHAPTER <br /> 462C, AND CALLING FOR A PUBLIC HEARING THEREON <br /> BE IT RESOLVED by the City Council of the City of St. <br /> Anthony, Minnesota (the "Municipality" ) , as follows : <br /> SECTION I <br /> Recitals <br /> 1 . 1 . The Municipality has heretofore adopted a housing plan <br /> (the "Plan" ) under Minnesota Statutes, Chapter 462C, as amended <br /> (the "Act" ) , which sets forth, amoung other. things, the housing <br /> needs of the Municipality and methods for meeting such - needs . <br /> The Municipality has caused to be prepared a program (the <br /> "Program" ) under the Act, consisting of a proposal by St . <br /> Anthony Nursing Home, A Co-Partnership, a Minnesota general <br /> partnership (the "Borrower" ) , to construct and equip an <br /> approximately 117-unit rental housing facility to be occupied <br /> primarily by elderly persons and in part (at least 20% ) by <br /> • persons and families of low and moderate income. The housing <br /> development described in the Program will be located at the <br /> northeast corner of the intersection of Chandler Drive and 37th <br /> Avenue Northeast (County Road D) in the Municipality. <br /> 1. 2 . The Municipality is authorized by the Act to issue its <br /> revenue bonds to finance "multifamily developments. " The <br /> Program provides that the Municipality issue its revenue bonds <br /> in an aggregate total amount not to exceed $6, 350, 000 to finance <br /> the cost of the development. <br /> SECTION 2 <br /> Public Hearing <br /> 2 . 1 . Section 462C. 04, Subd. 2 of the Act requires that prior to <br /> adoption of the Program, this Council conduct a public hearing <br /> on the Program. Section 103 of the Internal Revenue Code of <br /> 1954 , as amended, and regulations promulgated thereunder, <br /> requires that prior to the issuance of the Bonds., this Council <br /> approve the Bonds and the multifamily housing development to be <br /> financed with the proceeds thereof, after conducting a public <br /> hearing thereon. A public hearing on the proposal to undertake <br /> and finance the Program through the issuance of the Bonds is <br /> hereby called and shall. be held on Tuesady, July 9, 1985, at <br /> 7 : 30 o' clock P.M. , at the City Hall . <br /> • <br />