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HomeMy WebLinkAbout1993-190 CCRMember Barb Kalligher resolution and moved its adoption: WHEREAS, a proposal has been made to this Council by Maranatha Conservative Baptist Home, Inc. and Center Park Senior Apartments, Inc., both affiliated Minnesota nonprofit corporations (the "Borrowers that the City of Brooklyn Center issue its revenue bonds or other obligations in an aggregate principal amount not to exceed $4,500,000 (the "Bonds and adopt a program substantially in the form before this Council (the "Program pursuant to Minnesota Statutes Chapter 462C (the "Act in order to (i) refund at a discount the City's First Mortgage Elderly Housing Revenue Bonds, Series 1987 (Maranatha Place Project) that were issued to finance the acquisition and construction of a 65 unit multifamily rental housing and 7 unit assisted living project for the elderly and related facilities located at 5415 69th Avenue North in the City which will be owned by Center Park Senior Apartments, Inc. (the "Apartment Project (ii) refinance certain taxable debt incurred in connection with the Apartment Project, (iii) refund certain taxable debt previously incurred for improvement to a 106 bed nursing home located at 5401 69th Avenue North in the City which is owned by Maranatha Conservative Baptist Home, Inc. (the "Nursing Home (iv) pay certain costs for improvement of the Nursing Home, and (v) establish reserves and pay costs of issuance; and WHEREAS, in order to comply with the requirements of Section 147(f) of the Internal Revenue Code of 1986, as amended, and Section 462C.04 of the Act, this Council conducted a public hearing on said proposal after published notice not less than 15 days prior to the date fixed for the hearing; follows: RESOLUTION NO. 93 -190 introduced the following RESOLUTION APPROVING A FINANCING PROGRAM AND PROVIDING PRELIMINARY APPROVAL WITH RESPECT TO FINANCING FOR FACILITIES OF MARANATHA CONSERVATIVE BAPTIST HOME, INC. AND CENTER PARK SENIOR APARTMENTS. INC. NOW, THEREFORE, BE IT RESOLVED by this City Council as 1. The Program, in the form presented to this Council, is approved for all purposes under the Act. 2. The refinancing of the Apartment Project by refunding of the City's First Mortgage Elderly Housing Revenue Bonds, Series 1987 (Maranatha Place Project) the refinancing of certain taxable debt incurred in connection with the Apartment Project and certain taxable debt previously incurred for improvement to the Nursing Home; and proposed improvements to the Nursing Home, and the financing thereof pursuant to the Act, are hereby approved Resolution No. 93 -190 3. The Borrowers, Faegre Benson, as bond counsel, the City Manager, attorneys for the City, and other City officials are authorized to initiate the preparation of a proposed loan agreement and such other documents as may be necessary or appropriate to the Project so that, when and if this Council gives its final approval thereto, the Project may be carried forward expeditiously. October 25, 1993 Date ATTEST: Deputy Clerk for purposes of Section 147(f) of the Internal Revenue Code of 1986, as amended. To accomplish said financing, the City shall issue the Bonds in an aggregate principal amount not to exceed $4,500,000, subject to final approval by this Council of the maturities, interest rates and other terms of the Bonds and the provisions for payment thereof. Todd Paulson, Mayor The motion for the adoption of the foregoing resolution was duly seconded by member Dave Rosene and upon vote being taken thereon, the following voted in favor thereof: Todd Paulson, Dave Rosene, Barb Kalligher, and Kristen Mann; and the following voted against the same: none, whereupon said resolution was declared duly passed and adopted.