CCP 08-14-1995 - Laserfiche WebLink

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I e I HOUSING PROGRAM RELATING TO THE ISSUANCE OF CITY OF ARDEN IDLLS REVENUE BONDS' I UNDER MINNESOTA STATUES, CHAPTER 462C, FOR THE FINANCING AND REFINANCING OF A COMBINATION HEALTH CARE AND SENIOR HOUSING I DEVELOPMENT, ON BEHALF OF THE PRESBYTERIAN HOMES OF MINNESOTA, INC., I OR AFFILIATE THEREOF. 1. r ,ocal Housinll Policy. The City's housing policies are currently set I forth in the City's Comprehensive Plan and in a Housing Plan, adopted under provisions formerly set forth in Minnesota Statutes, Chapter 462C. This Housing Program has been . developed pursuant thereto, all in accordance with and as contemplated by Minnesota Statutes, Chapter 462C, as amended (sometimes referred to herein as the "Act"). The I established housing policies and goals of the City include the provision of suitable housing for people of all ages, incomes, and racial and ethnic groups in good living environments; maintaining high quality housing throughout the City; and eliminating instances of . dilapidation, blight, etc. Under the Act, the City, prior to issuing revenue bonds or other obligations with respect to a multi-family housing development, as described in Section e 462C.05, subd. 4, thereof, or a combination health care and elderly housing development, as I described in Section 462C.05, subd. 7, is to adopt a program setting forth the information required by the Act, including but not limited to Section 462C,05, Subd. 6, of the Act. This Program advances the aforementioned housing goals by enhancing the City's supply of . affordable rental housing facilities for elderly persons at reasonable rental rates, and through the renovation, upgrading and improvement of the City's existing housing and health care I facilities, all as authorized, contemplated and prescribed by the Act. 2. Program. This Housing Program comprises an effort by the City to I advance its housing and related health care goals by providing financing and retinancing for the combination health care and senior housing development described in paragraph 4 below (sometimes referred to herein generally in the aggregate as the "Facilities"). The proposed . refinancing of the Facilities is anticipated to produce debt service savings that will permit the maintenance of rates and charges at the most reasonably affordable levels. The proposed . renovation and improvement, including the acquisition and construction of site improvements, to and of the Facilities is expected to enhance the quality and livability of the Facilities for residents. The method of llnancing to be advanced for this Program shall I consist of the issuance of revenue bonds by the City pursuant to the Act. Such bonds shall comprise permanent financing for the Facilities and repayment of such bonds shall be provided for by the Corporation named in paragraph 4 (the "Corporation") entering into a I loan agreement with the City with respect to such Facilities. Under the Loan Agreement, the Corporation will agree to make payments sufficient to provide for payment in full of all e. principal of, premium, if any, and interest on the bonds when due. Additional security may I