HomeMy WebLinkAboutResolution 2001-06RESOLUTION NO. 2001-06
RESOLUTION CALLING FOR A PUBLIC HEARING REGARDING A PROPOSED
HOUSING PROGRAM AND ISSUANCE OFREVENUE BONDS UNDER MINNESOTA
STATUTES, CHAPTER 462C
BE IT RESOLVED by the City Council of the City of Columbia Heights, Minnesota (the "City") as
follows:
Section 1. Recitals.
1.01. Minnesota Statutes, Chapter 462C, as mended (the "Act") authorizes the City to issue
revenue bonds to finance a multifamily housing development.
1.02. Section 462C.03 of the Act requires that in order carry out a project, the City must
develop a housing program ("Program") and hold a public hearing thereon.
1.03. Crest View ONDC I, a Minnesota nonprofit corporation ("Corporation"), (or Crestview
Advanced Missions I, LLC, a Colorado limited liability company and a member of Crest View
ONDC I) (the "Member"), has proposed that the City issue bonds in one or more series in the
approximate principal amount not to exceed $6,250,000 (the "Bonds") to finance a proposed Program
under the Act. The proposed Program consists of the acquisition, consmaction and equipping of a 50-
unit assisted-living multifamily senior rental housing development (the "Project"), located at 900 -
42nd Avenue N.E. in the City to be owned by the Corporation or the Member.
1.04. Section 147(f) of the Internal Revenue Code of 1986, as amended, and regulations
promulgated thereunder, requires that prior to the issuance of the Bonds, this Council approve the
Bonds after conducting a public hearing thereon.
Section 2. Public Hearing.
2.01. The City Council shall meet at approximately 7:00 p.m. on Monday, February 26, 2001,
to conduct a public hearing on the housing Program and issuance of the Bonds as requested by the
Corporation.
2.02. The City Administrator is authorized and directed to publish notice of the hearing in
substantially the form attached hereto as Exhibit A in a newspaper of general cimulation in the City
once, at least fifteen (15) days prior to the date of the public hearing.
2.03. The Council hereby states its preliminary intention to issue the Bonds for the Program,
subject to adoption of the Program and compliance with the t~m,s and conditions of the Act and the
final agreement among the City, the Corporation and the initial purchaser of the Bonds as to the terms
and conditions thereof.
Passed this 22nd day of January, 2001
Offered by: Szurek
Second by: Wyckoff
Vote: All ayes
(/Patricia Mt~scovitz, DePuty' City{Cler: