HomeMy WebLinkAbout2018-196 CCRCouncil Member ______________ introduced the following
resolution and moved its adoption:
RESOLUTION __ _
RELATING TO A MULTIFAMILY RENTAL HOUSING FACILITY AND THE
ISSUANCE OF CONDUIT HOUSING REVENUE BONDS UNDER MINNESOTA
STATUTES, CHAPTER 462C, AS AMENDED; GRANTING PRELIMINARY
APPROVAL THERETO; CALLING FOR A PUBLIC HEARING; ESTABLISHING
COMPLIANCE WITH CERTAIN REIMBURSEMENT REGULATIONS UNDER THE
INTERNAL REVENUE CODE OF 1986, AS AMENDED; AND TAKING CERTAIN
OTHER ACTIONS WITH RESPECT THERETO
(UNITY PLACE PROJECT)
NOW, THEREFORE, BE IT RESOLVED by the City Council (the "Council") of the City of
Brooklyn Center, Minnesota (the "City"), as follows:
Section 1. Recitals.
(a)The City is a home rule charter city and political subdivision duly organized and existing
under the Constitution and laws of the State of Minnesota.
(b)Pursuant to Minnesota Statutes, Chapter 462C, as amended (the "Act"), the City is
authorized to carry out the public purposes described in the Act by providing for the issuance of revenue
bonds to provide funds to finance or refinance multifamily rental housing developments located within
the City.
( c)Unity Limited Partnership, a Minnesota limited paiinership ( or an affiliated entity, the
"Borrower"), has proposed that the City issue its revenue bonds, pursuant to the Act, in an aggregate
principal amount not to exceed $13,500,000, in one or more series at one time or from time to time (the
"Bonds").
( d)The proceeds of the Bonds are proposed to be loaned by the City to the Borrower to be
applied by the Borrower to (i) finance the acquisition, renovation, construction, and equipping of an
approximately 112-unit rental housing facility and related amenities located at 7256 Unity Avenue North
in the City (the "Project"); (ii) fund one or more reserve funds to secure the timely payment of the Bonds,
if necessary; (iii) pay interest on the Bonds during the renovation of the Project, if necessary; and (iv) pay
the costs of issuing the Bonds.
( e)As a condition to the issuance of the Bonds, the City must adopt a housing program
providing the information required by Section 462C.03, subdivision la of the Act (the "Housing
Program").
(f)Under Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code"),
prior to the issuance of the Bonds, the Council must conduct a public hearing after one publication of
notice in a newspaper circulating generally in the City at least 14 days before the hearing. Under Section
462C.04, subdivision 2 of the Act, a public hearing must be held on the Housing Program after one
publication of notice in a newspaper circulating generally in the City at least 15 days before the hearing.
(g)Under Section 146 of the Code, the Bonds must receive an allocation of the bonding
authority of the State of Minnesota. An application for such an allocation must be made pursuant to the
540548vl JSB BR291-392
Dan Ryan
2018-196
Kris Lawrence-Anderson
Marquita Butler, April Graves, Kris Lawrence-Anderson, Dan Ryan, Tim Willson
None