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<br />.. .. <br /> <br />NOTICE OF PUBLIC HEARING ON <br />PROPOSAL FOR A HOUSING PROGRAM AND <br />THE ISSUANCE OF REVENUE BONDS TO FINANCE <br />A MULTIFAMILY ELDERLY RENTAL HOUSING DEVELOPMENT, <br />(COLLEGE PROPERTIES, INC. PROJECT) <br /> <br />TO WHOM IT MAY CONCERN: <br /> <br />Notice is hereby given that the City Council of the City of <br />Roseville, Minnesota, will meet in the City Council Chambers at <br />the City Hall in the City of ~oseville, Minnesota, at 7:30 p.m. <br />on Monday, September 13, 1993, to consider the proposal of <br />College Properties, Inc., a Minnesota non-profit corporation (the <br />"Company") that the City undertake a housing program to finance <br />the Project hereinafter described, pursuant to the housing plan <br />and Minnesota Statutes, Chapter 462C, by the issuance of revenue <br />obligations. <br /> <br />Description of the Project: <br /> <br />The Project consists of the acquisition, construction and <br />equipping of a 127 unit independent living multifamily rental <br />housing development for the elderly, along with related <br />improvements, to be located at 2925 Lincoln Drive N. in the City <br />of Roseville and a 91 unit assisted living multifamily rental <br />housing development' for the elderly, along with related <br />improvements, to be located at 2945 Lincoln Drive N. in the City <br />of Roseville, Minnesota. The Project will be owned by the Company <br />and operated by Presbyterian Homes Management apd Services, Inc., <br />a Minnesota non-profit corporation. <br /> <br />Subsequent to approval of the housing program, the City of <br />Roseville may issue revenue bonds to finance the housing program. <br />Said bonds or other obligations, as and when issued, will not <br />constitute a charge, lien or encumbrance upon any property of the <br />city of Roseville, except the Project and the revenues to be <br />derived from the Project. Such bonds or obligations will not be <br />a charge against the City's general credit or taxing powers but <br />are payable from sums to be paid by the Company pursuant to a <br />revenue agreement. <br /> <br />The maximum aggregate estimated principal amount of bonds or <br />other obligations to be issued to finance the Project pursuant to <br />the housing program is $23,000,000. <br /> <br />243760 <br /> <br />4 <br />