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2007_0507_packet
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2007_0507_packet
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Roseville City Council
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expense, is hereby authorized to �nalce such expenditures and advances toward payment of that <br />portion of the costs of the Project to be financed from the proceeds of the Bonds as the <br />Developer considers necessary, subject to reimbursement from the proceeds of the Bonds, if any, <br />when delivered, but otherwise without liability on the part of the City. <br />7. Non-Binding Commitment. The adoption of this resolution by the City does not <br />constitute a guarantee or a�'irn� commitment that the City will issue the Bonds as requested by <br />the Developer. The City reserves the right, in its sole discretion, to withdraw from participation <br />and accordingly not issue any Bonds to finance the Project at any time prior to the adoption of <br />the final resolution authorizing the issuance of such Bonds should the City so determine. <br />8. Public Nearing. A public hearing on the proposal o1'the Developer will be held at <br />the �i, �Y�� and place set forth in the Notice of Public IIearing attached hereto as Exhibit A. The <br />Manager is hereby directed to cause the notice of public hearing attached hereto as Exhibit A to <br />be published in t%e official newspaper of the City and in a newspaper of general circulation at <br />least 15 days, but not more than 30 days before the date of the public hearing. <br />9. Applicatioi� for Bondin� A�.ttl�o��ity. The Manager, or his designee, and other City <br />officers and staff are authorized to caardinate with the Develop�r t�poai request to apply to the <br />Minnesota Department of Finance for an alloc�fipn of bonding authority pursuant to Minnesota <br />Statutes, Chapter �7�A, in an ainntitn� that is sufficient to finance the Project, now estimated at <br />$12,500,000, for a qualified residential rental project. The fees aiad deposits for the application <br />shall be supplied by the Developer. The application for bonding authority shall not be submitted <br />until the Developer has paid the fec required by the Department of Finance in connection with an <br />application for an allocation of bonding authority. <br />Adopted on May 7, 2007, by the Roseville City Council, <br />Mayor <br />ATTEST: <br />Manager <br />rmw-r+r�� '7 <br />
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