HomeMy WebLinkAbout1993-198 CCR1
Member Celia Scott
resolution and moved its adoption:
RESOLUTION NO. 93 -198
introduced the following
RESOLUTION CALLING FOR A PUBLIC HEARING ON PROPOSED
ISSUANCE OF REVENUE BONDS TO FINANCE A PROGRAM UNDER
MINNESOTA STATUTES, CHAPTER 462C FOR THE ACQUISITION AND
REHABILITATION OF A MULTIFAMILY HOUSING DEVELOPMENT
BE IT RESOLVED, by the City Council of the City of
Brooklyn Center, Minnesota (the "Issuer as follows:
Section 1. Findinas and Authorization.
1.1. Minnesota Statutes, Chapter 462C, as amended (the
"Act authorizes an issuer to issue revenue bonds to finance
housing programs which may consist of the acquisition,
construction, rehabilitation, improvement or betterment of
multifamily housing developments.
1.2. Representatives of Community Housing Development
Corporation, a Minnesota nonprofit corporation (the "Borrower
have requested the Issuer to adopt a housing program pursuant to
which the Issuer will issue its revenue bonds or notes in order to
finance a project consisting of the acquisition and rehabilitation
of an existing multifamily housing development consisting of 112
townhouse units (the "Project located at 5446 Ponds Drive in the
City of Brooklyn Center.
1.3. The proposed housing program is attached as
Appendix A hereto.
Section 2. Public Hearing.
2.1. The Issuer will conduct a public hearing on the
proposal to undertake and finance the Project on December 6, 1993,
at 7:00 p.m., pursuant to the requirements of Section 462C.04,
Subd. 2 of the Act and Section 147(f) of the Internal Revenue Code
of 1986, as amended. The Community Development Director of the
Issuer is authorized and directed to cause the public notice,
substantially in the form attached hereto as Appendix B, to be
published in the official newspaper of the Issuer not later than
November 7, 1993, and to submit a copy of the housing program to
the Metropolitan Council not later than the date of publication of
the public notice.
Section 3. Official Intent.
3.1. This Resolution constitutes a declaration of
official intent under Treasury Regulations Section 1.150 -2. The
Borrower and the Issuer reasonably expect to reimburse
expenditures incurred with respect to the Project from the
proceeds of the bonds or notes if and when issued, in the maximum
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Resolution No. 93 -198
principal amount of $5,500,000.
ATTEST:
November 8. 1993
Date
Deputy Clerk
✓im M
Todd Paulson, Mayor
The motion for the adoption of the foregoing resolution was duly
seconded by member Barb Kalligher and upon vote being taken
thereon, the following voted in favor thereof:
Todd Paulson, Celia Scott, Dave Rosene, and Barb Kalligher;
and the following voted against the same: none,
whereupon said resolution was declared duly passed and adopted.