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HomeMy WebLinkAbout2005-063 CCRMember Kay Lasman introduced the following resolution and moved its adoption: RESOLUTION NO. 2005-63 RESOLUTION CALLING FOR A PUBLIC HEARING ON A PROPOSAL FOR A HOUSING FINANCE PROGRAM AND THE ISSUANCE OF A HOUSING REVENUE NOTE TO FINANCE A MULTIFAMILY HOUSING PROJECT PURSUANT TO MINNESOTA LAW, AND AUTHORIZING THE PUBLICATION OF A NOTICE OF THE HEARING (a) WHEREAS, Minnesota Statutes, Chapter 462C (the "Act"), confers upon cities, the power to issue revenue obligations to finance multifamily housing developments within the boundaries of the city; and (b) WHEREAS, the City Council of the City of Brooklyn Center, Minnesota (the "City"), has received from Community Housing Development Corporation, a Minnesota nonprofit corporation (the "Corporation"), a proposal that the City assist in financing a Project hereinafter described, through the issuance of a revenue note or obligations (in one or more series) (the "Note") pursuant to the Act; and (c) WHEREAS, the Corporation intends to form a limited liability company, the sole member of which will be the Corporation (the "Borrower") which will be the owner of the Project; (d) WHEREAS, before proceeding with consideration of the request of the Corporation 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 Corporation will be held at the time and place set forth in the Notice of Public Hearing hereto attached. 2. The general nature of the proposal and an estimate of the principal amount of Note 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 shall be on file in the office of the City Manager on the date the Notice of Public Hearing is published. 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 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 with such changes as required or approved by Bond Counsel. Afril 11.2005 ~~,,Date ""t/ Mayor ATTEST: ' (x.V- 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, Kathleen Carmody, Kay Lasman, Diane Niesen, and Mary O'Connor; and the following voted against the same: none; whereupon said resolution was declared duly passed and adopted. RESOLUTION NO. 2005-63 NOTICE OF PUBLIC HEARING ON A PROPOSAL FOR A HOUSING FINANCE PROGRAM AND THE ISSUANCE OF A HOUSING REVENUE NOTE TO FINANCE A MULTIFAMILY HOUSING DEVELOPMENT TO WHOM IT MAY CONCERN: Notice is hereby given that the City Council of the City of Brooklyn Center, Minnesota, will meet at the City Hall, 6301 Shingle Creek Parkway, in the City of Brooklyn Center, Minnesota (the "City"), at 7:00 p.m. on Monday, May 9, 2005, to consider a housing finance program of the City and the proposal of Community Housing Development Corporation that the project described below be assisted by the issuance of a revenue housing note under Minnesota Statutes, Chapter 462C. The "Project" consists of the acquisition and renovation of an existing 112 unit multifamily housing facility located at 7256 Unity Avenue in the City and the refunding of the City of Brooklyn Center, Minnesota $5,330,000 Multifamily Housing Revenue Bonds (The Ponds Family Housing Project), Series 1993. The Project will be owned and operated by a limited liability company (the Borrower") to be formed by, and the sole member of which, will be Community Housing Development Corporation, a Minnesota nonprofit corporation. The maximum aggregate estimated principal amount of the Note or other obligations to be issued in one or more series to finance the Project pursuant to the housing finance program will be $5,700,000. Subsequent to approval of a housing finance program, the City may issue revenue obligations to finance the housing finance program. The Note 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 Note 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 Borrower 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: April 11, 2005. BY ORDER OF THE CITY COUNCIL OF THE CITY OF BROOKLYN CENTER, MINNESOTA By Michael McCaulev Its City Manager RESOLUTION NO. 2005-63 STATE OF MINNESOTA COUNTY OF HENNEPIN CITY OF BROOKLYN CENTER I, the undersigned, being the duly qualified and acting Clerk of the City of Brooklyn Center, Minnesota, DO HEREBY CERTIFY that I have compared the attached and foregoing extract of minutes with the original thereof on file in my office, and that the same is a full, true and complete transcript of the minutes of a meeting of the City Council of said City duly called and held on the date therein indicated, insofar as such minutes relate to calling for a public hearing on a housing revenue note to finance a housing finance program. WITNESS my hand this 12th day of April, 2005. City Clerk