HomeMy WebLinkAbout15-059 Call for Public Hearing re Multifamily Housing Bonds (Dominium)
4646 Dakota Street SE
Prior Lake, MN 55372
RESOLUTION 15-059
RESOLUTION CALLING FOR A PUBLIC HEARING ON A PROPOSAL FOR A HOUSING FINANCE PROGRAM
AND THE ISSUANCE OF MULTIFAMILY HOUSING REVENUE BONDS PURSUANT TO MINNESOTA LAW,
AND AUTHORIZING THE PUBLICATION OF A NOTICE OF THE HEARING
Motion By: THOMPSON Second By: MCGUIRE
WHEREAS, Minnesota Statutes, Chapter 462C (the "Act"), confer upon cities, the power to issue revenue
bonds to finance affordable senior multifamily housing developments within the boundaries of
the city and elsewhere in the State of Minnesota pursuant to a conduit borrowing agreement;
and
WHEREAS, the City Council of the City of Prior Lake, Minnesota (the "City"), has received from Prior Lake
Leased Housing Associates I, LLLP, a Minnesota limited liability limited partnership (the
"Company"), a proposal that the City assist in financing a project hereinafter described,
through the issuance of revenue bonds, in one or more series, or other obligations (the
"Bonds") pursuant to the Act; and
WHEREAS, the City has been advised that a public hearing and City Council approval of the financing
program is required under Section 147(f) of the Internal Revenue Code and the Act.
NOWTHEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF PRIOR LAKE, MINNESOTA
as follows:
1.The recitals set forth above are incorporated herein.
2.A public hearing on the proposal of the Borrower will be held at the time and place set forth in the attached
form of Notice of Public Hearing.
3.The housing finance program and general nature of the proposal and an estimate of the principal amount
of the Bonds to be issued to finance the project are described in the attached form of Notice of Public
Hearing.
4.A draft copy of the housing finance program will be on file in the office of the Manager.
5.The Manager is hereby authorized and directed to cause notice of the hearing to be given one publication
in the official newspaper of the City, not less than 15 days prior to the date fixed for the hearing,
substantially in the form of the attached Notice of Public Hearing.
PASSED AND ADOPTED THIS 23 DAY OF MARCH 2015.
rd
VOTE Hedberg Keeney McGuire Morton Thompson
Aye
☒☒☒☒☒
Nay
☐☐☐☐☐
Abstain
☐☐☐☐☐
Absent
☐☐☐☐☐
______________________________
Frank Boyles, City Manager