Loading...
HomeMy WebLinkAbout1993-131 CCR1 1 1 Member Barb Kalligher resolution and moved its adoption: follows: RESOLUTION NO. 93 -131 introduced the following RESOLUTION CALLING FOR PUBLIC HEARING WITH RESPECT TO FINANCING FOR FACILITIES OF MARANATHA CONSERVATIVE BAPTIST HOME, INC. AND CENTER PARK SENIOR APARTMENTS, INC. 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 "Borrower 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, the Borrower has requested this Council to conduct a public hearing on said proposal and publish notice of said public hearing not less than 15 days prior to the date fixed for the hearing; NOW, THEREFORE, BE IT RESOLVED by this City Council as 1. A public hearing shall be conducted by this City Commission on the proposal to adopt the Program and undertake the issuance of the Bonds on October 12, 1993 at 7:30 P.M. at the City Hall, at which hearing all parties who appear shall be given an opportunity to express their views with respect to said proposal. 2. Notice substantially in the form attached hereto as Exhibit A, shall be published at least once not less than 15 days prior to the date fixed for the hearing in a newspaper circulating generally in the City. 1 1 ATTEST: Resolution No. 93 -131 September 13, 1993 3. On or before the date of such publication the Borrower is hereby authorized to submit the Program to the metropolitan council for review and comment in accordance with Section 462C.04 of the Act. Date Todd Paulson, Mayor 9 Deputy Clerk 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, Celia Scott, Dave Rosene, Barb Kalligher, and Kristen Mann; and the following voted against the same: none, whereupon said resolution was declared duly passed and adopted.