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HomeMy WebLinkAbout15-05-26 s RESOLUTION NO. 15-05-26 RESOLUTION CALLING FOR A REVISED PUBLIC HEARING DATE RELATED TO THE PROPOSED APPROVAL AND ISSUANCE OF REVENUE BONDS TO FINANCE A MULTIFAMILY HOUSING DEVELOPMENT BE IT RESOLVED by the City Council (the "Council") of the City of Oak Park Heights, Minnesota(the"City"), as follows: Section 1. Recitals. 1.01. On April 28, 2015, this Council adopted Resolution No. 15-04-20, entitled "Resolution Relating to a Multifamily Housing Development, and the Issuance of Revenue Bonds to Finance the Costs Thereof Under Minnesota Statutes, Chapter 462C, as Amended; 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"Resolution'). 1.02. The Resolution related to the preliminary approval of the issuance of the City's revenue bonds, in an aggregate principal amount not to exceed $7,200,000 (the "Bonds"), the proceeds of which are proposed to be loaned by the City to Green Twig Villas, LLLP, a Minnesota limited liability limited partnership, to finance the acquisition, construction and equipping of an approximately 62-unit, two=story senior apartment building with an underground parking garage, to be located at the southeast intersection of Nova Scotia Avenue North and Upper 58th Street North in the City (the "Project"), (ii) payment of interest on the Bonds during the construction of the Project, (iii) funding of one or more reserve funds to secure the timely payment of the Bonds,and(iv)the payment of all or a portion of the costs of issuing the Bonds. 1.03. The Resolution called for a public hearing to be held on the issuance of the Bonds, and the Housing Program, to be held in accordance with the requirements of Section 462C.04, Subdivision 2 of the Act and Section 147(f) of the Code (the "Public Hearing"). The Resolution indicated the Public Hearing would be held on May 26, 2015,at or after 7:00 p.m. 1.04. The Borrower and the City have proposed to delay the Public Hearing until June 9, 2015, at or after 7:00 p.m., during a regularly scheduled Council meeting. Holding the Public Hearing on this date will not unduly delay the Project. 1.05. All capitalized but undefined terms in this resolution shall be defined as in the Resolution. Section 2. Public Hearing. This Council will conduct a public hearing on Tuesday, June 9, 2015 on the Housing Program, the Project, and the issuance of the Bonds, notice of whish hearing (the "Public Notice") will be published as required by Minnesota Statutes, Section 462C.04, Subdivision 2 of the Act, and Section 147(f) of the Code. The City Administrator is authorized to cause the publication of the Public Notice in accordance with the aforementioned provisions of the Act and the Code. The Public Notice will provide a general, functional description of the Project, as well as the maximum aggregate face amount of the Bonds to be issued for the purposes referenced above, the identity of the initial owner, operator, or manager of the Project, and the location of the Project. The Public Notice is authorized to be published in a newspaper circulating generally in the City on a date at least 15 days before the Public Hearing. At the Public Hearing reasonable opportunity will be provided for interested individuals to express their views, both orally and in writing, on the Housing Program, the Project, and the proposed r issuance of the Bonds. The Public Notice is attached hereto as Exhibit A, and the Council ratifies the publication of the Public Notice in the form provided. Section 3. Resolution Effective. Except as may be amended by the terms of this resolution, all terms and conditions of the Resolution remain effective. 2015. Adopted by the City Council of the City of Oak Park Heights, Minnesota, this 26th day of May, CITY OF OAK PARK HEIGHTS,MINNESOTA ld'mb r,Mayor Attest: X,; ric J , City Administrator rr, EXHIBIT A PUBLIC NOTICE NOTICE OF A PUBLIC HEARING TO BE CONDUCTED BY THE CITY OF OAK PARK HEIGHTS,MINNESOTA,TO CONSIDER THE ISSUANCE OF REVENUE BONDS BY THE CITY TO FINANCE THE ACQUISITION,CONSTRUCTION, AND EQUIPPING BY GREEN TWIG VILLAS,LLLP OF A MULTIFAMILY RENTAL HOUSING DEVELOPMENT TO BE LOCATED IN THE CITY NOTICE IS HEREBY GIVEN that the City Council (the "Council") of the City of Oak Park Heights,Minnesota(the"City"), will hold a public hearing on Tuesday,June 9, 2015, at or after 7:00 p.m. at City Hall, 14168 Oak Park Boulevard in the City, to consider a proposal that the City authorize the issuance of revenue bonds(the"Bonds"), in one or more series, under Minnesota Statutes, Chapter 462C, as amended (the "Act") and pursuant to a housing program prepared in accordance with the Act (the "Housing Program"). The Bonds are proposed to be issued to finance the: (i) acquisition, construction and equipping of an approximately 62-unit, two-story senior apartment building with an underground parking garage, to be located at the southeast intersection of Nova Scotia Avenue North and Upper 58th Street North in the City (the "Project"); (ii) payment of interest on the Bonds during the construction of the Project; (iii) funding of one or more reserve funds to secure the timely payment of the Bonds; and(iv) the payment of all or a portion of the costs of issuing the Bonds. The Project will be owned and operated by Green Twig Villas, LLLP, a Minnesota limited liability limited partnership (the `Borrower"). The estimated aggregate principal amount of the Bonds will not exceed$7,200,000. Following the public hearing, the Council will consider a resolution approving the Housing Program, and granting approval to the issuance of the Bonds. A draft copy of the Housing Program is available for public inspection during normal business hours, Monday through Friday, at City Hall in the City. The Bonds will be special, limited obligations of the City and the Bonds and interest thereon will be payable solely from the revenues and assets pledged to the payment thereof. No holder of any Bond will ever have the right to compel any exercise of the taxing power of the City to pay the Bonds or the interest thereon, nor to enforce payment against any assets, revenues, or other property of the City. Before issuing the Bonds,the City will enter into an agreement with the Borrower, whereby the Borrower will be obligated to make payments at least sufficient at all times to pay the principal of and interest on the Bonds when due(which will be assigned and pledged to the payment of the Bonds). Anyone desiring to be heard during this public hearing will be afforded an opportunity to do so. In addition, interested persons may file written comments respecting the proposal with the City Administrator at or prior to the public hearing. [Publish May 22]