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HomeMy WebLinkAbout2005-087 CCRMember KaY Lasman introduced the following resolution and moved its adoption: RESOLUTION NO. 2005-87 RESOLUTION GIVING APPROVAL TO THE ISSUANCE OF TAX EXEMPT SENIOR HOUSING AND HEALTH CARE REVENUE BONDS AND AUTHORIZING EXECUTION OF A JOINT POWERS AGREEMENT RELATING TO SUCH REVENUE BONDS (EVERCARE SENIOR LIVING, LLC PROJECT) WHEREAS, Maplewood Senior Housing Assisted Living, LLC a Minnesota limited liability company or a related entity (the "Borrower") intends to undertake a project consisting of the acquisition of four (4) assisted living facilities located at (i) 14615 and 14625 Pennock Avenue, in the City of Apple Valley, Minnesota ("Apple Valley") known as Centennial House of Apple Valley, consisting of 60 units, (ii) 6001-6021 Earle Brown Drive, in the City of Brooklyn Center, Minnesota (the "City") known as Prairie Lodge at Earle Brown Farms, consisting of 104 units, (iii) 502 and 512 Third Avenue South, in the City of Moorhead, Minnesota ("Moorhead") known as The Evergreens of Moorhead, consisting of 33 units and (iv) 1401-1411 West Gateway Circle in the City of Fargo, North Dakota ("Fargo") known as The Evergreens of Fargo, consisting of 66 units (collectively, the "Project"). and WHEREAS, the Borrower has proposed that the City, Apple Valley Economic Development Authority (the "Issuer"), Moorhead and Fargo enter into a joint powers agreement under Minnesota Statutes Section 471.59 and corresponding North Dakota law, pursuant to which the Issuer will jointly issue tax exempt health care revenue bonds in the aggregate principal amount of not more than $22,000,000 (the "Bonds") to finance the Project pursuant to Minnesota Statutes, Section 469.152-1651 (the "Act"); and WHEREAS, the Bonds will be payable solely from revenues of the Borrower, will not be a general or moral obligation of the City, the Issuer, Moorhead, Fargo or any other political subdivision of the States of Minnesota or North Dakota, but will be payable solely from revenues of the Borrower, to the extent and in the manner provided in the documents executed in connection with the issuance of the Bonds; and NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Brooklyn Center, Minnesota, as follows: 1. Based on representations made by the Borrower, the City expects to receive substantial benefit from the Project which will continue to provide additional elderly housing and health care facilities within the meaning of the Act, accessible and available to residents of the city. 2. This City Council has received a draft of the Joint Powers and Joint Powers Agreement among the City, the Issuer, Moorhead and Fargo (the "Joint Powers Agreement"). RESOLUTION NO. 2005-87 3. In no event shall the Bonds ever be payable from or charged upon any funds of the City; the City is not subject to any liability thereon; no owners of the Bonds shall ever have the right to compel the exercise of the taxing power of the City to pay any of the Bonds or the interest thereon, nor to enforce payment thereof against any property of the City; the Bonds shall not constitute a charge, lien or encumbrance, legal or equitable, upon any property of the City; and the Bonds do not constitute an indebtedness of the City within the meaning of any constitutional, statutory, or charter limitation. 4. The Joint Powers Agreement is hereby approved in substantially the form now on file in the office of the City; and the Mayor and Manager of the City are authorized to execute the same in the name of and on behalf of the City. In the event of the disability or the resignation or other absence of the Mayor or Manager of the City, such other officers of the City who may act in their behalf shall without further act or authorization of the City do all things and execute all instruments and documents required to be done or to be executed by such absent or disabled officials. The approval hereby given to the Joint Powers Agreement includes approval of such additional details therein as may be necessary and appropriate and such modifications thereof, deletions therefrom and additions thereto as may be necessary and appropriate and approved by the City Attorney and by the City officials authorized herein to execute the Joint Powers Agreement prior to their execution; and such City officials are hereby authorized to approve said changes on behalf of the City. June 13, 2005'''('C~t~ , Date I,,n Mayor Pro Ter ATTEST: ~JI i 1~ d um~U 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: Kathleen Carmody, Kay Lasman, and Diane Niesen; and the following voted against the same: Mary 0' Connor; whereupon said resolution was declared duly passed and adopted. RESOLUTION NO. 2005-87 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 such City duly called and held on the date therein indicated, insofar as such minutes relate to a resolution giving host approval to the issuance of revenue bonds and authorizing execution of a Joint Powers Agreement (Maplewood Senior Housing Assisted Living, LLC Project). WITNESS my hand this day of June, 2005 Clerk