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Last modified
2/19/2008 10:49:32 AM
Creation date
2/19/2008 10:47:47 AM
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Roseville City Council
Document Type
Council Resolutions
Meeting Date
1/28/2008
Resolution #
10590
Resolution Title
RESOLUTION CALLING FOR A PUBLIC HEARING ON A PROPOSAL FOR THE ISSUANCE OF MULTIFAMILY HOUSING REVENUE OBLIGATIONS TO FINANCE A MULTIFAMILY HOUSING FACILITY ON BEHALF OF SNELLING APARTMENTS LIMITED PARTNERSHII
Resolution Date Passed
1/28/2008
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EXHIBIT A <br />CITY OF ROSEVILLE, MINNESOTA <br />NOTICE OF PUBLIC HEARING <br />ON THE ISSUANCE OF REVENUE OBLIGATIONS FOR A <br />MULTIFAMILY RENTAL HOUSING FACILITY <br />Notice is hereby given that the City Council of the City of Roseville, Minnesota, will <br />meet at the City Hall, 2660 Civic Center Drive, in the City of Roseville, Minnesota (the "City"), <br />at 6:00 p.m. on Monday, February 25, 2008, to consider the proposal of Snelling Apartments <br />Limited Partnership (the "Borrower") that the project described below be assisted by the issuance <br />of revenue bonds under Minnesota Statutes, Chapter 462C. <br />The "Project" consists of the acquisition, renovation and equipping of an approximately <br />196-unit multifamily rental housing facility located at 2820 Snelling Avenue North in the City. <br />The Borrower will initially own and operate the Project. <br />It is proposed that the City of Falcon Heights, Minnesota, would issue revenue bonds to <br />finance the Project. The City has been advised that Council approval of the bonds is required <br />under Section 147(fj of the Internal Revenue Code because the Project is located in the City. <br />The maximum aggregate estimated principal amount of bonds to be issued in one or more <br />series to finance the Project will be $14,000,000. <br />The bonds if and when issued will not constitute a charge, lien or encumbrance upon any <br />property of the City and such obligations will not be a charge against the general credit or taxing <br />powers of the City, but will be payable from sums to be paid by the Borrower pursuant to a <br />revenue agreement. <br />At the time and place fixed for the Public Hearing, the City Council will give all persons <br />who appear at the hearing an opportunity to express their views with respect to the proposal. In <br />addition, interested persons may file written comments respecting the proposal with the City <br />Manager at or prior to said public hearing. <br />BY ORDER OF THE CITY COUNCIL OF <br />THE CITY OF ROSEVILLE, MINNESOTA <br />[Publish on February 5, 2008] <br />2132560x1 <br />
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