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HomeMy WebLinkAbout08-101 - ADMIN Resolution - City Council - 2008/08/04RESOLUTION NO. 08-101 RESOLUTION GIVING HOST APPROVAL TO THE 0 ISSUANCE OF A HOUSING AND CARE FACILITY REVENUE NOTE FOR A PROJECT BY COMMUNITY INVOLVEMENT PROGRAMS LOCATED IN ST. LOUIS PARK, MINNESOTA UNDER MINNESOTA STATUTES, CHAPTER 462C AND MINNESOTA STATUTES SECTIONS 469.152 THROUGH 469.1651 • BE IT RESOLVED, by the City Council (the "Council") of the City of St. Louis Park, Hennepin County, Minnesota (the "City") as follows: Section 1. General Recitals. (a) The purpose of Minnesota Statutes, Chapter 462C (the "Housing Program Act"), is, among other things, to confer upon cities the power to issue revenue bonds to finance multifamily housing developments; and (b) The purpose of Minnesota Statutes, Sections 469.152 through 469.1651 as amended, (the "Industrial Development 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 by providing necessary care facilities so that adequate care services are available to residents of the State at reasonable cost. Section 2. Description of the Project. (a) Community Involvement Programs (the "Borrower"), a Minnesota nonprofit corporation and organization described in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended (the "Code") has proposed the issuance of a revenue note under the Housing Program Act and the Industrial Development Act, in one or more series, in an amount not to exceed $2,500,000 (the "Note") by the City of Hinckley, Minnesota (the "Issuer") to finance the costs of a project (the "Project") consisting 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; 4731 Clear Spring Road and 4725 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 4725 Clear Spring Road in Minnetonka and at 112 Division Street in Sandstone, and (iv) financing renovations to the corporate headquarters of the Borrower located at 1600 Broadway Street NE, Minneapolis, MN. 411) (b) 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., all of the remaining facilities comprising the Project will be owned by the Borrower and the entire Project will be operated by the Borrower. Resolution No. 08-101 -2- (c) As more fully described above, portions of the Project are located in the City, Hinckley and the Cities of Crystal, Golden Valley, Hopkins, Minneapolis, Minnetonka, New Hope, Richfield and Sandstone (collectively, the "Host Cities"). (d) The total amount of the obligations to be issued is presently estimated to not exceed $2,500,000, approximately $226,600 of which will be used for refinancing the St. Louis Park Facility. (e) The City has been advised that the Note 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 Note or obligations will not be a charge against the general credit or taxing powers of the City, the Host Cities or the Issuer, but is payable from sums to be paid by the Borrower pursuant to a revenue agreement. Section 3. Recital of Representations Made by the Borrower. (a) The Borrower has agreed to pay any and all costs incurred by the City in connection with the issuance of the Note, whether or not such issuance is carried to completion. (b) 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. Section 4. Public Hearing. (a) As required by Section 147(0 of the Code a Notice of Public Hearing was published in the St. Louis Park Sun -Sailor, the City's official newspaper and newspaper of general circulation, for a public hearing on the proposed issuance of the Note and the proposal to undertake and finance the Project. (b) As required by Section 147(0 of the Code the City Council has on this same date held a public hearing on the issuance of the Note 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. 5. Host Approval. The City hereby gives the host approval required under the Internal Code to the issuance of the Note and, pursuant to Minnesota Statutes, Section 471.656, ), the City Council hereby consents to the issuance of the Note. Revi - e • for dministration Attest: Adoptee by he ity Council August 4, 2008 Mayor RESOLUTION NO. 08-101 Extract of Minutes of a Meeting of the City Council of the City of St. Louis Park, Minnesota Pursuant to due call and notice thereof, a regular meeting of the City Council of the City of St. Louis Park, Minnesota, was duly held at the City Hall in said City on Monday, the 4th day of August, 2008, at 7:30 P.M. The following members were present: Mayor Jeff Jacobs, C. Paul Carver, Phil Finkelstein, Loran Paprocki and Susan Sanger. and the following were absent: John Basill and Paul Omodt Member Paprocki introduced the following resolution and moved its adoption: RESOLUTION GIVING HOST APPROVAL TO THE ISSUANCE OF A HOUSING AND CARE FACILITY REVENUE NOTE FOR A PROJECT BY COMMUNITY INVOLVEMENT PROGRAMS LOCATED IN ST. LOUIS PARK, MINNESOTA UNDER MINNESOTA STATUTES, CHAPTER 462C AND MINNESOTA STATUTES, SECTIONS 469.152 THROUGH 469.1651 The motion for the adoption of the foregoing resolution was duly seconded by Member Sanger, and after full discussion thereof and upon vote being taken thereon, the following voted in favor thereof and the following voted against the same: None whereupon said resolution was declared duly passed and adopted. Resolution No. 08-101 -3- STATE OF MINNESOTA 411) COUNTY OF HENNEPIN CITY OF ST. LOUIS PARK I, the undersigned, being the duly qualified and acting City Clerk of the City of St. Louis Park, 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 a revenue Note for a project in the City. WITNESS my hand this day of August, 2008. City Clerk