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HomeMy WebLinkAbout2008.08.18 RESO 2008-0039RESOLUTION 2008-39 Extract of Minutes of a Meeting of the City Council of the City of Hugo, Minnesota Pursuant to due call and notice thereof, a regular meeting of the City Council of the City of Hugo, Minnesota, was duly called and held at the City Hall in said City on Monday, the 18`x' day of August, 2008, at 7:00 P.M. The following members were present: Granger, Haas, Petryk, Puleo, Miron and the following were absent: None Member Haas introduced the following resolution and moved its adoption: RESOLUTION CALLING FOR A PUBLIC HEARING ON A PROPOSAL FOR A HOUSING FINANCE PROGRAM AND THE ISSUANCE OF REVENUE NOTES TO FINANCE A SENIOR HOUSING FACILITY PURSUANT TO MINNESOTA LAW, AND AUTHORIZING THE PUBLICATION OF A NOTICE OF THE HEARING (WALKER FOREST BAY LODGE PROJECT) WHEREAS, (a) Minnesota Statutes, Chapter 462C (the "Act"), confers upon cities, the power to issue revenue notes to finance multifamily housing developments within the boundaries of the city; and (b) The City Council of the City of Hugo, Minnesota (the "City"), has received from Walker Forest Bay Lodge, LLC, (the `Borrower") the sole member of which is Walker Methodist, a Minnesota nonprofit corporation, a proposal that the City undertake a program to Assist in financing a Project hereinafter described, through the issuance of revenue notes or other obligations (in one or more series) (the "Notes") pursuant to the Act; and (c) Before proceeding with consideration of the request of the Borrower it is necessary for the City to hold a public hearing on the housing finance program and proposal pursuant to the Act: NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Hugo, Minnesota, as follows: 1. A public hearing on the housing finance program and proposal of the Borrower will be held at the time and place set forth in the Notice of Public Hearing hereto attached. 22o1825vt 2. The housing finance program and general nature of the proposal and an estimate of the principal amount of Notes to be issued to finance the proposal are described in the attached form of Notice of Public Hearing. 3. A draft copy of the housing finance program will be on file in the office of the City Administrator from the date the Notice of Public Hearing is published. 4. The City Administrator is hereby authorized and directed to cause notice of the hearing to be given one publication in the official newspaper of the City and also in a newspaper of general circulation available in the City, not less than 15 days nor more than 30 days prior to the date fixed for the hearing, substantially in the form of the attached Notice of Public Hearing. The motion for the adoption of the foregoing resolution was duly seconded by member Granger, and after full discussion thereof and upon vote being taken thereon, the following voted in favor thereof: Petryk, Haas, Puleo, Granger, Miron and the following voted against the same: None WHEREUPON, said Resolution was declared duly passed and adopted by the City Council for the City of Hugo this 18th day of August, 2008. r�vl ATTEST: Michele Lindau, City Clerk 22018250 STATE OF MINNESOTA COUNTY OF WASHINGTON CITY OF HUGO I, the undersigned, being the duly qualified and acting City Administrator of the City of Hugo, Minnesota, DO HEREBY CERTIFY that I have compared the attached and foregoing extract of minutes with the original thereof on file in my office, and that the same is a full, true and complete transcript of the minutes of a meeting of the City Council of said City duly called and held on the date therein indicated, insofar as such minutes relate to calling for a public hearing on the issuance of revenue notes to finance a housing finance program for the Walker Forest Bay Lodge, LLC Project. WITNESS my hand this 18'h day of August, 2008. 2201s25v1 NOTICE OF PUBLIC HEARING ON A PROPOSAL FOR A HOUSING FINANCE PROGRAM AND THE ISSUANCE OF REVENUE NOTES TO FINANCE A SENIOR HOUSING DEVELOPMENT (WALKER FOREST BAY LODGE PROJECT) Notice is hereby given that the City Council of the City of Hugo, Minnesota (the "City") will meet at the City Hall at 14669 Fitzgerald Avenue North, in the City at 7:00 p.m. on Monday, September 15, 2008 to consider the proposal of Walker Forest Bay Lodge, LLC, (the "Borrower") the sole member of which is Walker Methodist, a Minnesota nonprofit corporation that the City undertake a housing finance program to finance the Project hereinafter described, pursuant to Minnesota Statutes, Chapter 462C, by the issuance of revenue obligations. The "Project" consists of the acquisition, construction and equipping of a senior housing and health care development consisting of approximately 110 independent living units, 31 assisted living units, 15 personal care suites, 20 memory care units and 30 licensed skilled nursing beds together with approximately 30,000 square feet of common space, to be located east of Interstate 35E near Highway 61 and 202nd Street in the Headwaters of Forest Lake Planned Urban Development in the City of Forest Lake, Minnesota. The Project will be owned by the Borrower and managed and operated by Walker Senior Services, Inc. It is proposed that the Washington County Housing and Redevelopment Authority (the "Washington County HRA"), the Forest Lake Economic Development Authority (the "Forest Lake EDA"), and the Forest Lake Housing and Redevelopment Authority (the "Forest Lake HRA") and the City would each issue a portion of the financing for the Project. The maximum aggregate estimated principal amount of notes or other obligations of the City, the Forest Lake EDA, the Forest Lake HRA and the Washington County HRA to be issued in one or more series to finance the Project pursuant to the housing finance program is approximately $35,500,000. The maximum estimated principal amount of the notes to be issued by the City to finance the Project is approximately $10,000,000. The Notes if and when issued will not constitute a charge, lien or encumbrance upon any property of the City except the Project and the revenues generated by it and such obligations will not be a charge against the general credit or taxing powers of the City but will be payable from sums to be paid by the Borrower pursuant to a revenue agreement. A copy of the housing program will be on file with the City Administrator at the City Hall Monday through Friday until the date of the Public Hearing. At the time and place fixed for the Public Hearing, the City Council of the City will give all persons who appear at the hearing an opportunity to express their views with respect to the proposal. In addition, interested persons may file written comments respecting the proposal with the City Administrator at or prior to such public hearing. [Publish , 20081 2201825v1 By /s/ Michael Ericson City Administrator