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HomeMy WebLinkAbout08-089 - ADMIN Resolution - City Council - 2008/07/07RESOLUTION NO. 08-089 RESOLUTION CALLING FOR A PUBLIC HEARING ON THE ISSUANCE OF REVENUE BONDS TO FINANCE HOUSING AND HEALTH CARE FACILITIES, AND AUTHORIZING THE PUBLICATION OF A NOTICE OF THE HEARING (COMMUNITY INVOLVEMENT PROGRAMS PROJECT) 'WHEREAS, Minnesota Statutes, Chapter 462C (the "Housing Program Act"), confers upon cities, the power to issue revenue bonds to finance multifamily housing developments; and WHEREAS, Minnesota Statutes, Sections 469.152 through 469.1651, relating to municipal industrial development (the "Industrial Development Act"), gives municipalities the power to issue revenue bonds for the purpose of the 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 WHEREAS, Community Involvement Programs, a Minnesota nonprofit corporation and 501(c)(3) organization (the "Borrower"), has proposed that the City of Hinckley, Minnesota (the "Issuer"), issue a revenue note or obligations (in one or more series) (the "Revenue Note") pursuant to the Housing Program Act and the Industrial Development Act to finance a project, a portion of which is located in the City of St. Louis Park, Minnesota (the "City"); and WHEREAS, the City has been advised that a public hearing and City Council approval of the financing of the project is required under Section 147(0 of the Internal Revenue Code because a portion of facilities to be financed or refinanced by the Revenue Note are located in the City; NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of St. Louis Park, 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 City Clerk is hereby authorized and directed to cause notice of the hearing to be given one publication in the official newspaper of the City and also in a newspaper of general c culation available in the City, not less than 14 days nor more than 30 days prior to the d. e fixed for the hearing, substantially in the form of the attached Notice of Public Hearing. Adopted • the City Council of the City of St. Louis Park, Minnesota, this 7th day of July, 2008. ei l)l► n1i City vs Revi dministration: Attest: City Clerk opted City Council July 7, 2008 May Resolution No. 08-089 -2- Attachment: NOTICE OF PUBLIC HEARING ON THE ISSUANCE OF REVENUE BONDS TO FINANCE A PROJECT BY COMMUNITY INVOLVEMENT PROGRAMS Notice is hereby given that the City Council of the City of St. Louis Park, Minnesota (the "City"), will meet at the City Hall in St. Louis Park, at 7:30 p.m. on Monday, August 4, 2008, to consider giving host approval to the issuance by the City of Hinckley, Minnesota (the "Issuer") of revenue obligations pursuant to Minnesota Statutes, Chapter 462C (the "Housing Program Act") and Minnesota Statutes, Sections 469.152 to 469.1651 (the "Industrial Development Act") in order to finance the cost of a project described below to be undertaken by Community Involvement Programs, a Minnesota nonprofit corporation and 501(c)(3) organization (the "Borrower"). The project consists of (i) refinancing the acquisition of an approximately 8 unit housing facility for the developmentally disabled known as the North Court Apartments which is located at 403 North Court Avenue, Sandstone, MN, (ii) refinancing the acquisition of group residential facilities for the developmentally disabled which are located at 9011 34th Street West in the City (the "St. Louis Park Facility"), 4303 North Colorado Street, Crystal, MN; 6427 Westchester Circle, Golden Valley, MN; 501 First Street SW, Hinckley, MN; 300 18th Avenue North, Hopkins, MN; 4725 Clear Spring Road and 4731 Clear Spring Road, Minnetonka, MN; 7600 48th Circle North, New Hope, MN; 7044 Columbus Avenue, Richfield, MN; and 618 South Pine Street and 112 Division Street, Sandstone, MN (iii) financing renovations to the group residential facilities located at 112 Division Street in Sandstone and 4725 Clear Spring Road in Minnetonka, and (iv) financing renovations to the corporate headquarters of the Borrower located at 1600 Broadway Street NE, Minneapolis, MN. The facility located at 403 North Court Avenue in Sandstone will be owned by North Court Apartments, the facility located at 4731 Clear Spring Road in Minnetonka will be owned by Clear Spring Road Residences, Inc. and all of the remaining facilities comprising the Project will be owned by the Borrower and the entire Project, will be operated by the Borrower. The Cities of Crystal, Golden Valley, Hopkins, Minnetonka, New Hope, Richfield and Sandstone are referred to in this notice as the "Host Cities". The total amount of the obligations to be issued presently being estimated at not to exceed $2,500,000, approximately $226,600 of which will be used for refinancing the Si. Louis Park Facility. The notes or other obligations, as and when issued, will not constitute a charge, lien or encumbrance upon any property of the City, the Host Cities or the Issuer, except the Project and the revenues to be derived from the Project. Such notes or obligations will not be a charge against' the general credit or taxing powers of the City, the Host Cities or the Issuer, but are payable from sums to be paid by the Borrower pursuant to a revenue agreement. 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 financing of the Project. Written comments will be considered if submitted at the office of the City Clerk at City Hall on or before the date of the hearing.