HomeMy WebLinkAboutEDA RES 2000-86RESOLUTION NO. 2000-86
DECLARING THE OFFICIAL INTENT OF THE
CITY OF COLUMBIA HEIGHTS, MINNESOTA
TO REIMBURSE CERTAIN EXPENDITURES FROM THE PROCEEDS OF BONDS
TO BE ISSUED BY THE CITY
WHEREAS, the hatemal Revenue Service has promulgated Treasury Regulations,
Section 1.150-2, providing that proceeds of tax-exempt bonds used to reimburse prior expenditures
will not be deemed spent unless certain requirements are met; and
WHEREAS, an approximately 50-unit senior rental housing facility (the "Facility") has
been proposed to be constructed by Crest View, Crest View ONDC I, or a related entity (the
'~Borrower"); and
WHEREAS, provided that nothing herein shall bind or limit the discretion of the City with
regard to the Facility or the bonds that the City may issue in connection therewith, the City of
Columbia Heights (the "City") believes that the Facility, and the issuance of tax-exempt bonds to
assist in financing the Facility, will be in the best interest of and advance the health, safety, and
general welfare of the City and its residents; and
WHEREAS, the City and the Borrower expect to incur certain expenditures which may be
financed temporarily from sources other than bonds, and reimbursed from the proceeds of issuance
of tax-exempt bonds.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF COLUMBIA HEIGHTS, AS FOLLOWS:
1. The City reasonably intends to make expenditures for the project described in
Exhibit A (the "Project") and reasonably expects the expenditures by the Borrower for the Project,
and reasonably intends to reimburse itself and the Borrower for such expenditures from the
proceeds of debt to be issued by the City in the maximum principal amount described in Exhibit A.
2. The City Manager is authorized to designate appropriate additions to Exhibit A in
circumstances where time is of the essence, and any such designation shall be reported to the City
Council at the earliest practicable date and shall be filed with the official books and records of the
City as provided in Section 3.
3. This resolution is intended to constitute a declaration of official intent for purposes
of Treasury Regulations, Section 1.150-2 and any successor law, regulation, or ruling.
Approved this 27th day of November, 2000.
Offered by: Wyckoff
Seconded by: Szurek
Roll Call: All ayes
~atricia Musco-vit~, Deputy City C~k
ayor Ga~ L ~'eterson
EXHIBIT A
TO OFFICIAL INTENT RESOLUTION
ADOPTED NOVEMBER 27, 2000
Date of
Declaration
November 27, 2000
Description of Pi'eject
An approximately 50-unit senior
rental housing facility located
within the City of Columbia Heights
Maximum Principal
Amount of Debt
to Reimburse
Project Costs
$6,000,000
Total Principal Amount of Bonds to be issued:
$6,000,000