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I REQUEST FOR COUNCIL ACTION 2 3 Date. 2/25/2008 4 Item. No.- I La Department Approval.- Manager Approved. Agenda Section.- i ? Public Hearings Item. Description.- Public Hearing to Acknowledge e the Expenditure of Tax - exempt Funds for 10 Snelling Apartments Limited Partnership. II I 13 Introduction 14 Under Federal and State Statutes, municipalities are authorized to pledge their bond issuance 15 authority to non -profit groups for the benefit of multi - family housing facilities. If a municipality 16 expects to issue or receive tax - exempt bond proceeds, either directly or indirectly through 17 separate establishments, it is required by federal law to hold a public hearing. 18 19 The City of Falcon Heights is proceeding with the issuance of tax- exempt bonds for the benefit 0 of Snelling Apartments Limited Partnership located at 2820 Snelling Avenue in Roseville. The I Partnership had previously approached the City of Roseville to be the issuer; however given our established Council meeting dates, we were unable to accommodate their original schedule. 3 4 The purpose of the public hearing is to allow for public comment on the proceeds to be 5 expended. No special action is required by Council at the hearing. The process entails opening a public hearing, allowing for public comment (if any), and closing the public hearing. 8 Attachment Enclosed is a resolution acknowledging in the expenditure of tax- exempt funds as well as a draft 30 Joint Powers Agreement between the cities of Falcon Heights and Roseville, as prepared by 31 Bond Counsel. 3 33 Staff Recommendation 34 Staff recommends the Council adopt the attached resolution and Joint Powers Agreement to 35 acknowledge e the expenditure of tax- exempt funds by Snelling Apartments Limited Partnership. 3 37 Council Action Requested 38 Motion to adopt the attached resolution and Joint Powers Agreement to acknowledge e the 39 expenditure of tax - exempt funds by Snelling Apartments Limited Partnership. 213446vi. I