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<br />MAY 24 1999 17:14 FR <br /> <br />TO 211500 <br /> <br />P.03/17 <br /> <br />~ <br /> <br />,,',0 <br /> <br />.. <br /> <br />::",,-.0- <br /> <br />,,-:'" ';IIIk <br /> <br />~- <br /> <br />RESOLUTION NO. 99-_ <br />RESOLUTION CALLING FOR A PUBLIC HEARING ON <br />THE ISSUANCE OF REVENUE BONDS TO FINANCE <br />HOUSING AND HEAL TII CARE FACILITIES AND <br />A PROPOSED HOUSING PROGRAM, AND <br />AUTHORIZING THE PUBLICATION OF A NOTICE OF THE HEARING <br />(pRESBYTERIAN HOMES HOUSING AND ASSIS1ED LIVING, INC. PROJECT) <br /> <br />. <br /> <br />(a) WHEREAS, Minnesota Statutes, Chapter 462C (the "Housing Program Act"), <br />confers upon cities, the power to issue revenue bonds to finance multifamily housing <br />developments within the bOWldaries of the city; and <br /> <br />(b) WHEREAS, Minnesota Statutes, Sections 469.152 through 469.165, relating <br />to municipal industrial development (the "Industrial Development Act"), gives municipalities the <br />power to issue revenue bonds for the purpose of the encouragement and development of <br />economically sound industry and commerce to prevent so far as possible the emergence of <br />blighted and marginal lands and areas of chronic Wlemployment; and <br /> <br />(c) 'WHEREAS, the City Council of the City of Arden Hills, MiImesota (the <br />"City"), has received from Presbyterian Homes Housing and Assisted Living, Inc., a 501(c)(3) <br />organization (the "Developer"), a proposal that the City Wldertake a program to assist in finanCing. <br />a Project hereinafter described, through the issuance of revenue bonds or obligations (in one or <br />more series) (the "Bonds") pursuant to the Housing Program Act and the Industrial Development <br />Act; and <br /> <br />(c) WHEREAS, before proceeding with consideration of the request of the <br />Developer it is necessary for the City to hold a public hearing on the housing finance program and <br />proposal pursuant to the Housing Program Act and the Industrial Development Act: <br /> <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Arden <br />Hills, Minnesota, as follows; <br /> <br />1. A public hearing on the proposal of the Developer will be held at the time and <br />place set forth in the Notice of Public Hearing hereto attached. <br /> <br />2. The housing finance program and general nature of the proposal and an <br />estimate of the principal amoWlt of Bonds to be issued to finance the proposal are described in the <br />attached form of Notice of Public Hearing. <br /> <br />3. A draft copy of the housing finance program with proposed forms of all <br />attachments and exhibits is will be on file in the office of the Administrator on or before the date . <br />the Notice of Public Hearing is published. <br /> <br />I048521,RBD <br />V2 Ie VI; 05124199 <br /> <br />1 <br />