HomeMy WebLinkAbout2021-078 CCR CITY OF BROOKLYN CENTER
COUNTY OF HENNEPIN
STATE OF MINNESOTA
Member Ryan introduced the following resolution and moved its adoption:
RESOLUTION NO. 2021-78
RESOLUTION RELATING TO THE ISSUANCE OF CONDUIT REVENUE BONDS
TO FINANCE THE COSTS OF A MULTIFAMILY HOUSING DEVELOPMENT
UNDER MINNESOTA STATUTES, CHAPTER 462C; GRANTING PRELIMINARY
APPROVAL THERETO; ESTABLISHING COMPLIANCE WITH CERTAIN
REIMBURSEMENT REGULATIONS UNDER THE INTERNAL REVENUE CODE OF
1986, AS AMENDED; AND TAKING CERTAIN OTHER ACTIONS WITH RESPECT
THERETO (THE CREST APARTMENTS PROJECT)
WHEREAS,the City is a home rule charter city duly organized and existing under the Constitution
and laws of the State of Minnesota.
WHEREAS, 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 housing developments located within the City.
WHEREAS, as a condition to the issuance of such revenue bonds, the City must adopt a housing
program providing the information required by Section 462C.03, subdivision la, of the Act(the"Housing
Program"). 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 I S days
before the hearing.
WHEREAS, The Crest Apartments LLC, a Minnesota limited liability company(or another entity
to be formed by Aeon, the `Borrower"), has proposed that the City, pursuant to the Act, issue its revenue
bonds in an aggregate principal amount not to exceed $19,000,000, in one or more series at one time or
from time to time (the `Bonds"), the proceeds of which will be loaned by the City to the Borrower to be
applied by the Borrower to(i)finance the acquisition of The Crest Apartments, an existing 122-unit rental
housing facility located at 6221 Shingle Creek Parkway in the City, the rehabilitation thereof to include,
among other things, one additional unit, and the construction and equipping of an approximately 48-unit
building to be located on the same property in the City(the"Project"); (ii) fund one or more reserve funds
to secure the timely payment of the Bonds; and(iii)pay certain costs of issuing the Bonds.
WHEREAS,under Section 147(fl ofthe Internal Revenue Code of 1986,as amended(the"Code"),
prior to the issuance of the Bonds a public hearing duly noticed must be held by the City Council.
WHEREAS, 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
requirements of Minnesota Statutes, Chapter 474A, as amended (the"Allocation Act").
NOW THEREFORE, BE IT RESOLVED by the City Council of the City of Brooklyn Center,
Minnesota(the"City"), as follows:
BR291-409-687489.v5 ]