HomeMy WebLinkAbout1996-020 CCRits adoption:
Member Debra Hilstrom introduced the following resolution and moved
RESOLUTION NO. 96 -20
RESOLUTION CALLING FOR A PUBLIC HEARING ON A PROPOSAL FOR A
HOUSING FINANCE PROGRAM AND THE ISSUANCE OF REVENUE BONDS
TO FINANCE AN ELDERLY HOUSING DEVELOPMENT (PRESBYTERIAN
HOMES HOUSING AND ASSISTED LIVING, INC. PROJECT) PURSUANT TO
MINNESOTA LAW, AND AUTHORIZING THE PUBLICATION OF A NOTICE
OF THE HEARING
WHEREAS, Minnesota Statutes, Chapter 462C (the "Act confers upon cities the
power to issue revenue bonds to finance multifamily housing developments within the boundaries of
the city; and
WHEREAS, the City Council of the City of Brooklyn Center, Minnesota (the "City")
has received from Presbyterian Homes Housing and Assisted Living, Inc. (the "Developer a
proposal that the City undertake a program to assist in financing a Project hereinafter described,
through the issuance of revenue bonds or obligations (in one or more series) (the "Bonds pursuant
to the Act; and
WHEREAS, before proceeding with consideration of the request of the Developer 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
Brooklyn Center, Minnesota, as follows:
1. A public hearing on the housing finance program and proposal of the Developer
will be held at the time and place set forth in the Notice of Public Hearing hereto
attached.
2. The housing finance program and general nature of the proposal and an estimate
of the principal amount of Bonds 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 with proposed forms of all
attachments and exhibits is on file in the office of the City Manager.
4. The City Manager 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.
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RESOLUTION NO. 96 -20
January 22, 1996
Date /f Mayor
ATTEST: .11,6A *NLIA-ierk
City Clerk
The motion for the adoption of the foregoing resolution was duly seconded by member
Kathleen Carmody and upon vote being taken thereon, the following voted in favor
thereof: Myrna Kragness, Kristen Mann, Debra Hilstrom, and Kathleen Carmody;
and the following voted against the same: none,
whereupon said resolution was declared duly passed and adopted.
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RESOLUTION NO. 96 -20
NOTICE OF PUBLIC HEARING ON A
PROPOSAL FOR A HOUSING FINANCE PROGRAM AND
THE ISSUANCE OF REVENUE BONDS TO FINANCE
AN ELDERLY HOUSING DEVELOPMENT
(PRESBYTERIAN HOMES HOUSING AND
ASSISTED LIVING, INC. PROJECT)
NOTICE IS HEREBY GIVEN that the City Council of the City of Brooklyn Center,
Minnesota, will meet on Monday, February 12, 1996, in the City Council Chambers at the
Brooklyn Center City Hall, 6301 Shingle Creek Parkway, in the City of Brooklyn Center,
Minnesota, at 7:00 p.m. or as soon thereafter as the matter may be heard to consider the housing
finance program of the City and the proposal of the Presbyterian Homes Housing and Assisted
Living, Inc. (the "Developer 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.
Description of the Project
The project consists of the acquisition of an elderly housing development known as Earle
Brown Commons, consisting of 140 rental units located at 6100 Summit Drive North, Brooklyn
Center. The Project will be owned and operated by the Developer.
The maximum aggregate estimated principal amount of bonds or other obligations to be
issued to finance the Project pursuant to the housing finance program will be $4,800,000.
Subsequent to approval of the housing finance program, the City may issue revenue bonds
to finance the housing finance program. Said bonds or other obligations, as and when issued, will
not constitute a charge, lien or encumbrance upon any property of the City, or its Housing and
Redevelopment Authority, except the Project and the revenues to be derived from the Project.
Such bonds or obligations will not be a charge against the City's general credit or taxing powers
but are payable from sums to be paid by the Developer pursuant to a revenue agreement.
Further information concerning the housing finance program and the Project may be
obtained from the City Manager during normal business hours.
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
housing finance program and proposal. Written comments will be considered if submitted at the
above City office on or before the date of the hearing.
Dated: January 22, 1996. BY ORDER OF THE CITY OUNCIL OF THE
CITY OF BROLYN CE 1 R, MINNESOTA
By:
Its City M ger