99-016 - Laserfiche WebLink

Home Browse Search

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