HomeMy WebLinkAbout2015-100 CCR Member April Graves introduced the following resolution and
moved its adoption:
RESOLUTION NO. 2015-100
RESOLUTION GIVING HOST APPROVAL TO THE ISSUANCE OF
CONDUIT CHARTER SCHOOL LEASE REVENUE BONDS UNDER
MINNESOTA STATUTES, SECTIONS 469.152 THROUGH 469.1655 (NEW
MILLENNIUM ACADEMY PROJECT)
(a) WHEREAS, the purpose of Minnesota Statutes, Sections 469.152 through
469.1655 as amended, (the "Act"), is, among other things, to promote the welfare of the State of
Minnesota (the "State") by the active attraction and encouragement and development of
economically sound industry and commerce to prevent so far as possible the emergence of
blighted and marginal lands and areas of chronic unemployment; and
(b) WHEREAS, CS Property NMA, LLC, a Minnesota nonprofit limited liability
company (the "Borrower") the sole member of which is Hmong American Partnership, a
Minnesota nonprofit corporation and tax exempt organization pursuant to Section 501(c)(3) of
the Internal Revenue Code of 1986, as amended(the "Sole Member") (the "Code") has proposed
that the City of Columbus, Minnesota (the "Issuer") issue conduit revenue bonds under the Act,
in one or more series, in an aggregate amount not to exceed $18,000,000 (the "Bonds") to (i)
finance the acquisition, construction, and equipping of an approximately 85,000 square foot
school facility that will include a gymnasium, auditorium, cafeteria, media center, office spaces
and approximately 34 classrooms for a kindergarten through grade 8 public charter school to be
located at 5120 Lilac Drive North in the City (the "Facility"); (ii) fund a debt service reserve
fund; (iii) pay a portion of the interest on the Bonds; and (iv) pay the costs of issuing the Bonds
(collectively, the "Project"). The Facility will be owned by the Borrower and leased to and
operated by the New Millennium Academy, a Minnesota nonprofit corporation (the "School");
and
(c) WHEREAS, the City has been advised that the Bonds or other obligations, as and
when issued, will not constitute a charge, lien or encumbrance upon any property of the City or
the Issuer, except the Project and the revenues to be derived from the Project. Such Bonds or
obligations will not be a charge against the general credit or taxing powers of the City or the
Issuer, but are payable from sums to be paid by the Borrower pursuant to a loan agreement; and
(d) WHEREAS, the Borrower has agreed to pay any and all costs incurred by the
City in connection with the issuance of the Bonds, whether or not such issuance is carried to
completion; and
(e) WHEREAS, the Borrower has represented to the City that no public official of the
City has either a direct or indirect financial interest in the Project nor will any public official
either directly or indirectly benefit financially from the Project; and
RESOLUTION NO. 2015-100
(f) WHEREAS, as required by the Act and Section 147(f) of the Code a notice of
public hearing was published in the City's official newspaper and newspaper of general
circulation, for a public hearing on the proposed issuance of the Bonds and the proposal to
undertake and finance the Project; and
(g) WHEREAS, as required by the Act and Section 147(f) of the Code the City
Council has on this same date held a public hearing on the issuance of the Bonds and the
proposal to undertake and finance the portion of the Project located within the jurisdictional
limits of the City, at which all those appearing who desired to speak were heard and written
comments were accepted.
NOW, THEREFORE, BE IT RESOLVED, by the City Council (the "Council") of the
City of Brooklyn Center, Minnesota(the"City")as follows:
1. The City Council hereby gives the host approval required under Section 147(f) of
the Code and, pursuant to Minnesota Statutes §471.656, Subd. 2(2), the City Council hereby
consents to the issuance of the Bonds by the Issuer.
2. The adoption of this Resolution authorizes the issuance of the Bonds by the Issuer
to finance the Project, but does not constitute determination or approval regarding any City
requirements relating to the construction of the Project.
June 22, 2015 w--
Date Mayor
ATTEST:
City Clerk
The motion for the adoption of the foregoing resolution was duly seconded by member
Lin Myszkowski
and upon vote being taken thereon, the following voted in favor thereof:
April: Graves, Kris Lawrence-Anderson, Lin Myszkowski, and Dan Ryan;
and the following voted against the same: none;
whereupon said resolution was declared duly passed and adopted.
RESOLUTION NO. 2015-100
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 granting host approval to
the issuance of revenue bonds for a project in the City.
WITNESS m hand this da of Sum 2015.
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City Clerk