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4646 Dakota Street S.E. RESOLUTION 06-066
Prior Lake, MN 55372-1714
RESOLUTION CALLING FOR A PUBLIC HEARING
ON A PROPOSAL FOR A HOUSING FINANCE PROGRAM
AND THE ISSUANCE OF REVENUE BONDS TO
FINANCE A SENIOR INDEPENDENT LIVING FACILITY
PURSUANT TO MINNESOTA LAW, AND AUTHORIZING
THE PUBLICATION OF A NOTICE OF THE HEARING
(a) WHEREAS, Minnesota Statutes, Chapter 462C (the "Act"), confers upon cities, the
power to issue revenue bonds to finance multifamily housing developments within the boundaries
of the city; and
(b) WHEREAS, the City Council of the City of Prior Lake, Minnesota (the "City"), has
received from Shepherd's Path Senior Living, Inc (the "Borrower"), a proposal that the City and the
Economic Development Authority of the City of Prior Lake (the "EDA"} undertake a program to
assist in financing a Project hereinafter described, through the issuance of revenue bonds or
obligations (in one or more series) (the "Bonds") pursuant to the Act; and
(c} WHEREAS, before proceeding with consideration of the request of the Borrower it
is necessary for the City to hold a public hearing on the housing finance program and proposal
pursuant to the Act:
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Prior Lake,
Minnesota, as follows:
1. A public hearing on the housing finance program and proposal of the Borrower will
be held at the time and place set forth in the Notice of Public Hearing hereto attached.
2. The housing finance program and general nature of the proposal and an estimate of
the principal amount of Bonds to be issued to finance the proposal are described in the attached
form of Notice of Public Hearing.
3. A draft copy of the housing finance program with proposed forms of all attachments
and exhibits will be on file in the office of the City Manager from the date the Notice of Public
Hearing is published.
4. The City Manager 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
circulation available in the City, not less than 15 days nor more than 30 days prior to June 5, 2006,
the date fixed for the hearing, substantially in the form of the attached Notice of Public Hearing.
The motion for the adoption of the foregoing resolution was duly seconded by member
LeMair ,and after full discussion thereof and upon vote being taken thereon, the
following voted in favor thereof: Haugen, Dornbush, Erickson, LeMair and Millar
and the following voted against the same: None
whereupon said resolution was declared duly passed and adopted.
www. cityofpriorlake. coin
Phone 952.447.9800 /Fax 952.447.4245
1903366v1