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Res_11620
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Last modified
7/16/2019 1:18:42 PM
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7/16/2019 1:18:41 PM
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Roseville City Council
Document Type
Council Resolutions
Meeting Date
7/15/2019
Meeting Type
Work Session
Resolution #
11620
Resolution Title
CALLING FOR PH-PROPOSAL HOUSING FINANCE PROGRAM & PRELIM APPROVAL TO THE ISSUANCE OF HOUSING FACILITY REVENUE BONDS TO FINANCE A MULTIFAMILY HOUSING PROJECT PURSUANT TO MINNESOTA LAW, AND AUTHORIZING THE PUBLICATION OF A NOTICE OF THE HEARING
Resolution Date Passed
7/15/2019
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EXHIBIT A <br /> NOTICE OF PUBLIC HEARING ON A PROPOSAL FOR A HOUSING FINANCE <br /> PROGRAM AND THE ISSUANCE OF MULTIFAMILY HOUSING REVENUE BONDS TO <br /> FINANCE A MULTIFAMILY HOUSING DEVELOPMENT <br /> (TWIN LAKES FAMILY APARTMENTS PROJECT) <br /> TO WHOM IT MAY CONCERN: <br /> Notice is hereby given that the City Council of the City of Roseville, Minnesota (the <br /> "City"),will meet in the City Council Chambers of City Hall, 2660 Civic Center Drive, in the City <br /> of Roseville, at 6:00 p.m. on Monday, 2019, to consider a housing finance program of the <br /> City and the proposal of Roseville Leased Housing Associates I, LLLP, a Minnesota limited <br /> liability limited partnership (the "Borrower"), with Roseville Leased Housing Associates I, LLC, <br /> a Minnesota limited liability company, as general partner, that the project described below be <br /> assisted by the issuance of housing revenue bonds under Minnesota Statutes, Chapter 462C. <br /> The "Project" consists of the acquisition and construction of an approximately 292,698 <br /> square-foot rentable apartment community that will consist of an approximately 228-unit <br /> multifamily housing development known as Twin Lakes Family Apartments, located at 1717 and <br /> 1743 County Road C West, in the City. The Project will be owned and operated by the Borrower. <br /> The Project is currently anticipated to consist of the following units: <br /> Square Footage Estimated Initial <br /> Units Number of Units Per Unit Rents Per Unit <br /> 1 BR/1 BA 43 723 $1,090 <br /> 2 BR/2 BA 119 1,050 $1,307 <br /> 3 BR/2 BA 66 1,260 $1,507 . <br /> The maximum aggregate estimated principal amount of the Bonds or other obligations to <br /> be issued in one or more series to finance the Project pursuant to the housing finance program will <br /> be approximately$48,000,000. <br /> Subsequent to approval of a housing finance program, the City may issue revenue <br /> obligations to finance the housing finance program. The Bonds or other obligations, as and when <br /> issued, will not constitute a charge, lien, or encumbrance upon any property of the City, or its <br /> housing and redevelopment authority, except the Project and the revenues to be derived from the <br /> Project. Such Bonds or obligations will not be a charge against the City's general credit or taxing <br /> powers but are payable from sums to be paid by the Borrower pursuant to a revenue agreement. <br /> Further information concerning the housing finance program and the Project may be <br /> obtained from the City Manager during normal business hours. <br /> At the time and place fixed for the public hearing,the City Council of the City will give all <br /> persons who appear at the hearing an opportunity to express their views with respect to the housing <br /> A-1 <br />
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