Laserfiche WebLink
<br /> -1- <br />CITY OF ARDEN HILLS <br />COUNTY OF RAMSEY <br />STATE OF MINNESOTA <br /> <br />RESOLUTION NO. 2015-034 <br /> <br /> <br />APPROVING A HOUSING PROGRAM RELATING TO A SENIOR RENTAL <br />HOUSING DEVELOPMENT TO BE LOCATED IN THE CITY OF <br />ARDEN HILLS; GRANTING PRELIMINARY APPROVAL TO THE ISSUANCE <br />OF REVENUE OBLIGATIONS BY THE CITY TO FINANCE THE SENIOR <br />RENTAL HOUSING DEVELOPMENT; AND APPROVING AND <br />AUTHORIZING CERTAIN RELATED ACTIONS <br /> <br /> <br /> WHEREAS, pursuant to the Constitution and laws of the State of Minnesota, particularly <br />Minnesota Statutes, Chapter 462C, as amended (the “Housing Act”), statutory and home rule cities and <br />other political subdivisions of the State of Minnesota are authorized to carry out the public purposes <br />described therein and contemplated thereby in the financing of multifamily housing developments by <br />issuing revenue obligations to defray, in whole or in part, the development costs of multifamily housing <br />developments, and by entering into any agreements made in connection therewith and by pledging any <br />such agreements as security for the payment of the principal of and interest on any such revenue <br />obligations; and <br /> <br /> WHEREAS, a multifamily housing development financed under the Housing Act may consist of <br />a multifamily housing development combined with a new or existing health care facility if: (i) the <br />multifamily housing development is designed and intended to be used for rental occupancy; (ii) the <br />multifamily housing development is designed and intended to be used primarily by elderly or physically <br />handicapped persons; and (iii) nursing, medical, personal care, and other health-related, assisted-living <br />services are available on a 24-hour basis in the multifamily housing development to the residents; and <br /> <br /> WHEREAS, Presbyterian Homes of Arden Hills, Inc., a Minnesota nonprofit corporation (the <br />“Company”), and the City of Arden Hills (the “City”) entered into a Contract for Private Development, <br />dated December 20, 2010 (the “Development Contract”), pursuant to which the City agreed to issue <br />revenue bonds to finance senior housing facilities (the “Minimum Improvements”) the first phase of <br />which was comprised of independent living units, assisted living units, and memory-care units (a <br />combined total of approximately 200 dwelling units) located at 3120 and 3220 Lake Johanna Boulevard <br />in the City (“Phase I”); and <br /> <br /> WHEREAS, the Company is prepared to commence the construction and equipping of the second <br />phase of the Project (“Phase II”) to be comprised of forty (40) independent -living, rental apartments to be <br />located in two buildings (twenty (20) apartments per building), together with necessary common areas <br />and community space, to be located as 3200 Lake Johanna Boulevard in the City (the “Project”); and <br /> <br />WHEREAS, the Company, has requested the participation of the City in the financing of the <br />Project; and <br /> <br /> WHEREAS, a Housing Program for a Multifamily Housing Development (the “Housing <br />Program”) with respect to the Project and the issuance of revenue obligations (“Revenue Obligations”) to <br />finance the Housing Program and the Project has been prepared pursuant to the requirements of Section <br />462C.03, subdivision 1a, of the Housing Act, and is on file with the City; and