Res_11621 - Laserfiche WebLink

Home

EXHIBIT A NOTICE OF PUBLIC HEARING ON A PROPOSAL FOR A HOUSING FINANCE PROGRAM AND THE ISSUANCE OF MULTIFAMILY HOUSING REVENUE BONDS TO FINANCE A MULTIFAMILY HOUSING DEVELOPMENT (TWIN LAKES SENIOR APARTMENTS PROJECT) TO WHOM IT MAY CONCERN: Notice is hereby given that the City Council of the City of Roseville, Minnesota (the "City"),will meet in the City Council Chambers of City Hall,2660 Civic Center Drive, in the City of Roseville, at 6:00 p.m. on Monday, _, 20_, to consider a housing finance program of the City and the proposal of Roseville Leased Housing Associates II, LLLP, a Minnesota limited liability limited partnership (the "Borrower"), with Roseville Leased Housing Associates II, LLC, a Minnesota limited liability company, as general partner, that the project described below be assisted by the issuance of housing revenue bonds under Minnesota Statutes, Chapter 462C. The "Project" consists of the acquisition and construction of an approximately 300,560 square-foot rentable senior housing apartment community that will consist of an approximately 252-unit multifamily housing development known as Twin Lakes Senior Apartments, located at 1717 and 1743 County Road C West, in the City. The Project will be owned and operated by the Borrower. The Project is currently anticipated to consist of the following units: Square Footage Estimated Initial Units Number of Units Per Unit Rents Per Unit 1 BR/1 BA 99 723 $1,090 2 BR/2 BA 99 1,050 $1,307 3 BR/2 BA 54 1,260 $1,507 The maximum aggregate estimated principal amount of the Bonds or other obligations to be issued in one or more series to finance the Project pursuant to the housing finance program will be approximately$50,000,000. Subsequent to approval of a housing finance program, the City may issue revenue obligations to finance the housing finance program. The Bonds or other obligations, as and when issued, will not constitute a charge, lien, or encumbrance upon any property of the City, or its housing and redevelopment authority, except the Project and the revenues to be derived from the Project. Such Bonds or obligations will not be a charge against the City's general credit or taxing powers but are payable from sums to be paid by the Borrower pursuant to a revenue agreement. Further information concerning the housing finance program and the Project may be obtained from the City Manager during normal business hours. A-1