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Last modified
7/17/2007 9:46:11 AM
Creation date
5/22/2007 1:57:32 PM
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Roseville City Council
Document Type
Council Resolutions
Meeting Date
4/23/2007
Resolution #
10496
Resolution Title
RESOLUTION RECITING A PROPOSAL FOR A FINANCING PROGRAM FOR A MULTI-FAMILY RENTAL HOUSING DEVELOPMENT, CALLING FOR A PUBLIC HEARING THEREON GIVING PRELIMINARY APPROVAL TO THE PROJECT AND THE PROGRAM AUTHORIZING AN APPLICATION FOR BONDING AUTHORITY
Resolution Date Passed
4/23/2007
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<br />NOTICE OF PUBLIC HEARING ON A PROPOSAL <br />FOR ISSUANCE OF MULTIF AMIL Y RENTAL HOUSING <br />REVENUE BONDS <br /> <br />Notice is hereby given that the City Council of the City of Roseville, Minnesota (the <br />"City"), will meet at the City Hall, 2660 Civic Center Drive, in the City, at 6:00 p.m. on Monday, <br />May 21, 2007, to consider the proposal of Gardens East Limited Partnership, a Minnesota <br />limited partnership (the "Developer"), that the City undertake a housing program to finance a <br />project hereinafter described by the issuance of revenue bonds of the City pursuant to Minnesota <br />Statutes, Chapter 462C, as amended. <br /> <br />The project consists of the acquisition, renovation and equipping of an 95-unit rental <br />housing facility for low and moderate income tenants located at 1420 Centennial Drive in the <br />City (the "Project"). The Project will be owned and operated by the Developer (the "Borrower"). <br /> <br />The estimated principal amount of Revenue Bonds to be issued in one or more series to <br />finance the Project is $6,000,000. <br /> <br />The Revenue Bonds or other obligations if and when issued will not constitute a charge, <br />lien or encumbrance upon any property of the City except the project and the revenues to be <br />derived from the Project, and such Revenue Bonds or obligations will not be a charge against the <br />City's general credit or taxing powers but will be payable from sums to be paid by the Borrower <br />pursuant to a revenue agreement. <br /> <br />A copy of the housing program will be on file with the Manager at the City Hall Monday <br />through Friday until the date of the Public Hearing. At the time and place fixed for the Public <br />Hearing, the City Council of the City will give all persons who appear at the hearing an <br />opportunity to express their views with respect to the proposal. In addition, interested persons <br />may file written comments respecting the proposal with the Manager at or prior to such public <br />hearing. <br /> <br />[Publish no later than May 6, 2007] <br /> <br />2019195vl <br />
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