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<br />e <br /> <br />CITY OF ARDEN HILLS <br />COUNTY OF RAMSEY <br />STATE OF MINNESOTA <br /> <br />~\50 <br />JlOtUY\i'\.WT <br /> <br />RESOLUTION NO. 99-16 <br /> <br />RESOLUTION CALLING FOR A PUBLIC HEARING ON <br />THE ISSUANCE OF REVENUE BONDS TO FINANCE HOUSING AND <br />HEALTH CARE FACILITIES, AND A PROPOSED HOUSING PROGRAM, <br />AND AUTHORIZING THE PUBLICATION OF A NOTICE OF THE HEARING <br />(PRESBYTERIAN HOMES OBGLIGATED GROUP PROJECT) <br /> <br />WHEREAS, Minnesota Statutes, Chapter 462C (the "Housing Program Act"), confers upon <br />cities, the power to issue Revenue Bonds to finance multi-family housing developments within <br />the boundaries of the city; and <br /> <br />WHEREAS, Minnesota Statutes, Sections 469.152 through 469.165, relating to municipal <br />industrial development (the "Industrial Development Act"), gives municipalities the power to <br />issue Revenue Bonds for the purpose of the encouragement and development of economically <br />sound industry and commerce to prevent, so far as possible, the emergence of blighted and <br />marginal lands and areas of chronic unemployment; and <br /> <br />e <br /> <br />WHEREAS, the City Council of the City of Arden Hills, Minnesota (the "City"), has received <br />from Presbyterian Homes Housing and Assisted Living, Inc., a 501(c)(3) organization (the <br />"Developer"), a proposal that the City undertake a program to assist in financing a Project <br />hereinafter described, through the issuance of Revenue Bonds or obligations (in one or more <br />series) (the "Bonds") pursuant to the Housing Program Act and the Industrial Development Act; <br />and <br /> <br />WHEREAS, before proceeding with consideration of the request of the Developer, it is <br />necessary for the City to hold a public hearing on the housing finance program and proposal, <br />pursuant to the Housing Program Act and the Industrial Development Act: <br /> <br />NOW, THEREFORE, BE IT RESOLVED, by the City Council of Arden Hills, Minnesota as <br />follows: <br /> <br />I. A public hearing on the proposal of the Developer will be held at the time and place set forth <br />in the Notice of Public Hearing hereto attached. <br /> <br />2. The housing finance program and general nature of the proposal and an estimate of the <br />principal amount of Bonds to be issued to finance the proposal are described in the attached <br />form of Notice of Public Hearing. <br /> <br />3. A draft copy of the housing finance program, with proposed forms of all attachments and <br />exhibits will be on file in the office of the Administrator on or before the date the Notice of <br />e Public Hearing is published, <br />