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HomeMy WebLinkAbout1984-134 CCRMember Bill Hawes introduced the following resolution and moved its adoption: RESOLUTION NO. 84 --134 RESOLUTION RELATING TO THE PROPOSED ADOPTION OF A PROGRAM AND THE ISSUANCE OF REVENUE BONDS PURSUANT TO CHAPTER 462C, MINNESOTA STATUTES; ORDERING A PUBLIC HEARING AND THE PUBLICATION OF A NOTICE OF THE PUBLIC HEARING BE IT RESOLVED by the City Council (this Council) of the City of Brooklyn Center, Minnesota (the City), as follows: Section 1. Recitals. 1.01. Under Minnesota Statutes, Chapter 462C, as amended (the Act), the City is authorized to issue and sell revenue bonds or obligations to make or purchase loans to finance the construction of multifamily housing developments and the acquisition and rehabilitation of multifamily housing developments within its boundaries. The Act requires that the City adopt a program in connection with a proposal to finance the construction of a multifamily housing development or the acquisition and rehabilitation of a multifamily housing development within its boundaries meeting the requirements of Section 462C.05 of the Act, after conducting a public hearing on the proposal to adopt the program, and that notice of the public hearing be published at least 15 days before the public hearing with respect to the proposed adoption of the program. 1.02. Representatives of Gary S. Holmes and C. E. Sheehy and a partnership in which they are the general partners (the Developer) have advised this Council that the Developer proposes to acquire an apartment complex located at 1701 1707 69th Avenue North in the City, composed of 120 apartment units and other functionally related and subordinate facilities, to rehabilitate the facilities, to construct up to 36 additional apartments and to operate the facilities as a multifamily housing development under the Act (the Project). The Developer has requested that the City issue its revenue bonds or obligations (the Bonds) under the Act and make a loan of the proceeds of the sale of the Bonds in order to finance the purchase, rehabilitation and construction of the described facilities. Under the Developer's proposal, the maximum aggregate face amount of the Bonds proposed to be issued and sold is Four Million Six Hundred Thousand Dollars ($4,600,000). 1.03. It is further proposed that the City adopt a program under the Act with respect to the financing of the Project (the Program). 1.04. The Act provides that a public hearing regarding the proposed adoption of the Program is to be held prior to its adoption, after notice of the public hearing is published at least 15 days prior to the date set for the public hearing. 1.05. The Bonds of the City would be "industrial development bonds" within the meaning of Section 103 of the Internal Revenue Code of 1954, as amended (the Code). Section 103(k) of the Code, and the regulations promulgated and proposed thereunder, require that the City hold a public hearing relating to the proposed issuance of the Bonds prior to approving their issuance, which hearing is to be held after notice of the hearing is published at least 15 days prior to the date for the hearing. RESOLUTION NO. 84 -134 J 1 Section 2. Public Hearing. 2.01. A public hearing regarding the proposed adoption of the Program under the Act, including the proposed issuance of the Bonds, shall be held on October 1, 1984 at o'clock p.m. at the City Hall. 2.02. The City Clerk is hereby directed to cause notice of such public hearing to be published in a newspaper of general circulation in the City at least once not less than 15 days prior to the date fixed for the public hearing, in substantially the form of the notice attached hereto. 2.03. A copy of the proposed Program shall be placed on file with the City Clerk and be available for public inspection following publication of the notice of public heaing, between the hours of 8:00 a.m. and 4:30 p.m. on Monday through Friday. September 10, 1984 Date F ATTEST: t Cledk! �Ma or Y The motion for the adoption of the foregoing resolution was duly seconded by member Gene Lhotka and upon vote being taken thereon, the following voted in favor thereof: Dean Nyquist, Gene Lhotka, Celia Scott, Bill Hawes, and Rich Theis; and the following voted against the same: none, whereupon said resolution was declared duly passed and adopted.