My WebLink
|
Help
|
About
|
Sign Out
Home
CC_Minutes_2008_0908
Roseville
>
City Council
>
City Council Meeting Minutes
>
200x
>
2008
>
CC_Minutes_2008_0908
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
10/20/2008 2:02:29 PM
Creation date
10/20/2008 1:56:54 PM
Metadata
Fields
Template:
Roseville City Council
Document Type
Council Minutes
Meeting Date
9/8/2008
Meeting Type
Regular
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
61
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
View images
View plain text
BRIGGS <br />September 5, 2008 <br />VIA E-MAIL <br />Chris Miller <br />City Finance Director <br />City of Roseville <br />Roseville City Hall <br />2660 Civic Center Drive <br />Roseville, MN 55113-1815 <br />E-mail: chris.miller@ci.roseville.mn.us <br />Dear Chris: <br />Mary L. Ippel <br />651.808.6620 <br />mippel@briggs.com <br />On Juiy 18; 2007, the City of Raseville issued $12,000,000 Multi-family Housing <br />Revenue Bonds (Centennial Apartments), Series 2007 (the "Bonds"). The City loaned the <br />proceeds of the Bonds to Gardens East Limited Partnership, a Minnesota limited partnership (the <br />"Borrower"), pursuant to a Loan and Financing Agreement dated as of July 1, 2007 for costs <br />incurred by the Borrower to finance the acquisition and renovation by the Borrower of multi- <br />family housing facilities containing a total of 190 units located at 1420 Centennial Drive and <br />2825 North Pascal Street (the "Project"). <br />In connection with the issuance of the Bonds, the City followed all applicable Federal <br />and State requirements required for the issuance of the Bonds. <br />In connection with the issuance of the Bonds, the Borrower entered into a Regulatory <br />Agreement dated as of July 1, 2007 by and between the Borrower, Wells Fargo Bank, National <br />Association, (the "Trustee"), and the City of Roseville. <br />In the Regulatory Agreement the Borrower agreed to operate the Project within the <br />applicable Federal tax requirements, including operating the Project as a qualified. residential <br />rental project as such term is used in Section l42(a)(7) of the Internal Revenue Code of 1986 <br />{the "Code"} and agreed to comply with the requirements of Section I42(d) of the Code. In <br />addition, the Borrower agreed to operate the Project in accordance with the State law <br />requirements relating to the Project, including the requirements imposed by Minnesota Statutes, <br />Section 46X.05, Subd. 2, and Minnesota Statutes, Section 474A.047. <br />222~530v1 <br />W2200 First National Bank Building <br />332 Minnesota Stree[ <br />St. Paut MN 55101-1396 <br />tel 651.808.6600 <br />fax 651.808.6450 <br />Briggs and Morgan, Professional Association <br />Minneapolis I $C Paul I www.briggs.com <br />Member - Lex Mundi, ~ Global Association of Independent Law Firms <br />
The URL can be used to link to this page
Your browser does not support the video tag.