pf_02595 - Laserfiche WebLink

Home

Company has also advised the city that with the aid of municipal financing, and resulting low borrowing costs, the project is economically more feasible, and (f) WHEREAS, no public official of the city has either a direct or indirect financial interest in the Projoct nor will any publio official either dirootly or indirectly benefit financially front the proj ect : NOW THEREFORE, BE IT RESOLVE]) by the City Council of the City of Roseville, Minnesota, as follows: 1. Prel imin~J::Y Approval S . The c1 ty hereby g i v.. preliminary approval to the proposal of the Conpany that the city undertake the project described above and the program of financing therefor, conslstin9 of the renovation, acquisition, oonstruction and equipping of a development consisting of a combination of multifa~ily housing and an existing health care facility within the city pursuant to the company's $peoifioations and pursuant to a revenue agreement betwoen the City and Company oontaining such terms and conditions (with provisions for revision from time to time as necessary) as may be necessary to produce income and revenues sufficient to pa.y, when due, the principal and interest Qn the Bonds in a total principal a~ount not to exceed $13,000,000, to be issued pursuant to the Act to finance the renovation, acquisition, oonstruction and equipping of the Projeot. 2. ~1nancin9 structure. At the option ot the company, the financing may be structured so as to take advantage of whatever means are available and are permitted by law to enhance the security for, or marketability of, the Bonds; provided that any guoh financing struoture must be consented to by the city. 3. ~indinqs. On the basis of information available to the city it appears, and the city hereby finds, determines and declares: (1) that the project constitutes a multifamilY housing development within the meaning of Subdivision 7 of section 462C.05 of the Act and consists of a co~ination of a multifamily housing development and a new or existing health care facility, as defined by Minnesota statute., section 469.153; (2) that the multifamily housing developm8nt is designed and intended to be used for rental occupancy; (3) that the multifamily housinq develop%ltent is designed and intended to be used primarily by elderly or physically handicapped persons; (4) that nursing, medical care, and other health related assisted living servioes will be available on a 24-hour basis in the development to the re$idents; (5) that the Projeot will be primarily occupied by elderly persons; (6) that the availability of the financinq under the Aot and the willinqness of the city to furnish such finanoinq ~il1 be a substantial inducement to the company to undertake the project; and (7) that the effect of the Projeot, if undertaken, 245954 3 I: 391:1d ,l'ON 5:l=I:I5:I:;.'8('80(031'1) dS NI:I9~OW S99I~a wo~~