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2007_0507_packet
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Roseville City Council
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Council Agenda/Packets
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NOTICE OF PUBLIC HEARING ON A PROPOSAL <br />FOR ISSUANCE OF MULTIFAMILY RENTAL HOUSING <br />REVENUE BONDS <br />(CENTENNIAL GARDENS PROJECT) <br />Notice is hereby given that the City Goi��aci.l of the City of Roseville, Minnesota (the <br />"City"), will meet at the City Hall, 2660 Civic Center Drive, in the City, at 6:00 p.m. on Monday, <br />June 11, 2007, to consider the proposal of Gardens East Limited Partnership, a Minnesota <br />limited partnership (the "Developer"), that the City undertake a housing prograi7� to finance a <br />project hereinafter described by the issuance o� revenue bonds of the City pursuant to Minnesota <br />Statutes, Chapter 4b2C, as amended. <br />The project consists of t��e acquisition, renovation and �qtiiipping of two 95-unit rental <br />housing facilities for low and moderate income tenants located at 1420 Centennial Drive and <br />2825 North Pascal Street in the City (the "Project"). The Project will be owned and operated by <br />the Developer (the "Borrower"). <br />The estimated principal amount of Revenue Bonds to be issued in one or i�lore series to <br />finance the Project is $12,500,000. <br />The Revenue Bonds or other obligations if a�1d when issued will not constitute a charge, <br />lien or encumbrance upon any property of the City except the project aa�d the revenues to be <br />derived from the Project, and such Revenue Bonds or obligations will not be a charge against the <br />City's general credit or taxing powers but will be payable fro�n swr�s to be paid by the Borrower <br />pursuant to a revenue agreement. <br />A copy of the housing program will be on file with the Manager at the City Hall Monday <br />through Friday until the date of the Public Hearing. At the time and place fixed for the Public <br />Hearing, the City Council of the City will give all persons who appear at the hearing an <br />opportunity to express their views with respect to the proposal. In addition, interested persons <br />may file written coin��lenis respecting the proposal with the Manager at or prior to such public <br />hearing. <br />
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