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HomeMy WebLinkAbout2005-084 CCRMember Kay Lasman introduced the following resolution and moved its adoption: RESOLUTION NO. 2005-84 RESOLUTION CALLING FOR A PUBLIC HEARING ON A PROPOSAL FOR FINANCING ELDERLY HOUSING AND HEALTH CARE FACILITIES WITH TAX EXEMPT BONDS AND AUTHORIZING PUBLICATION OF A NOTICE OF THE HEARING (a) WHEREAS, Minnesota Statutes, Section 469.152 to .1651, as amended, relating to municipal industrial development (the "Act"), gives municipalities and economic development authorities the power to issue revenue bonds for the purpose of promotion, attraction, encouragement and development of economically sound commerce, preserving and developing a tax base adequate to finance necessary public services, and encouraging employment opportunities for the citizens of the municipality; and (b) WHEREAS, the City Council of the City of Brooklyn Center, Minnesota (the "City"), has received from EverCare Senior Living, LLC, a Minnesota limited liability company (the "Borrower"), a proposal that the City assist in financing a project hereinafter described, through the issuance of tax-exempt revenue bonds (the "Bonds"); and (c) The Borrower or a related entity proposes to acquire four (4) assisted living facilities, one of which consisting of 60 units is located 6001-6021 Earl Brown Drive in the City and is known as Prairie Lodge at Earle Brown Farms. The other facilities are located in two other Minnesota municipalities and Fargo, North Dakota; and (d) Pursuant to Minnesota Statutes, Section 471.59, as amended, and comparable North Dakota law, Borrower, the City and the three other municipalities will enter into a joint powers agreement authorizing the Apple Valley Economic Development Authority, in the City of Apple Valley, Minnesota, to issue revenue bonds to simultaneously finance acquisition of all of the facilities; and (e) WHEREAS, before proceeding with consideration of the request of the Borrower, it is necessary for the City to hold a public hearing on the proposal. NOW THEREFORE, BE IT RESOLVED by the City Council of the City of Brooklyn Center, Minnesota, as follows: 1. A public hearing on the proposal of the Borrower 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 Bonds to be issued to finance the proposal are described in the attached form of Notice of Public Hearing. 3. Drafts of documents related to the Bonds are on file in the office of the Community Development Director. RESOLUTION NO. 2005-84 4. The City staff is hereby authorized and directed to cause notice of the hearing to be given one publication in the official newspaper of the City, not less than 15 days prior to the date fixed for the hearing, substantially in the form of the attached Notice of Public Hearing. Mav 23.2005 IfU►~ ?"te Q Mayer ATTEST: r~ r /YOU I~D~( City Clerk The motion for the adoption of the foregoing resolution was duly seconded by member Diane Niesen and upon vote being taken thereon, the following voted in favor thereof: Myrna Kragness, Kay Tasman, and Diane Niesen; and the following voted against the same: whereupon said resolution was declared duly passed and adopted. 1 RESOLUTION NO. 2005-84 STATE OF MINNESOTA COUNTY OF HENNEPIN CITY OF BROOKLYN CENTER I, the undersigned, being the duly qualified and acting City 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 the EverCare Senior Living, LLC Project. 1 WITNESS my hand and the seal of said City this 20 day of May, 2005. l l~ City Clem u RESOLUTION NO. 2005=84 NOTICE OF PUBLIC HEARING ON A PROPOSAL FOR THE ISSUANCE OF REVENUE BONDS FOR SENIOR HOUSING AND HEALTH CARE FACILITIES Notice is hereby given that the City Council of the City of Brooklyn Center (the "City") will meet at the City Hall, 6301 Shingle Creek Parkway, in the City, at 7:00 p.m. or as soon thereafter as the matter may be heard on Monday, June 13, 2005, to consider the proposal of EverCare Senior Living, LLC, a Minnesota limited liability company (the 'Borrower"), that the City undertake to finance a project hereinafter described pursuant to Minnesota Statutes, Section 469.152-1651, by the issuance of one or more series of tax exempt revenue bonds (the "Bonds"). The Project consists of the acquisition of four (4) assisted living facilities located at (a) 14615 and 14625 Pennock Avenue, in the City of Apple Valley, Minnesota, known as Centennial House of Apple Valley, consisting of 60 units, (b) 6001-6021 Earle Brown Drive, in the City known as Prairie Lodge at Earle Brown Farms, consisting of 104 units, (c) 502 and 512 Third Avenue South, in Moorhead, Minnesota known as The Evergreens of Moorhead, consisting of 33 units and (d) 1401-1411 West Gateway Circle in Fargo, North Dakota, known as The Evergreens of Fargo, consisting of 66 units. The Project will be owned by the Borrower or a related entity and operated by a Ecumen Services, a Minnesota nonprofit corporation, or a related entity. The maximum estimated principal amount of the Bonds to be issued by the Apple Valley Economic Development Authority ("Apple Valley") to finance the Project is approximately $22,000,000. The Bonds if and when issued will not constitute a charge, lien or encumbrance upon any property of Apple Valley or the City except the Project and such obligations will not be a charge against the general credit or taxing powers of Apple Valley or the City but will be payable from sums to be paid by the Borrower pursuant to a revenue agreement. A draft copy of the proposed housing program is available for public inspection beginning during normal business hours, Monday through Friday, in the office of the City Community Development Director, in the City Hall. At the time and place fixed for the Public Hearing, the City Council will give all persons who appear at the hearing an opportunity to express their views with respect to the proposal. Written comments will be considered if submitted at the above City office on or before the date of the hearing. (By Order of the City Council)