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84-083 - 07-17 - Approve Issuance Revenue Bonds PublicHearing Land Finance Multi-family Housing DevelopmentResolution 84-83 July 17, 1984 Member Johnson introduced the following resolution and moved its adoption: RESOLUTION RELATING TO THE ISSUANCE OF REVENUE BONDS PURSUANT TO CHAPTER 462C, MINNESOTA STATUTES; ORDERING A PUBLIC HEARING RELATING TO A PROPOSED PROGRAM FOR A LOAN TO FINANCE A MULTIFAMILY HOUSING DEVELOPMENT AND AUTHORIZING PUBLICATION OF A NOTICE OF THE PUBLIC HEARING BE IT RESOLVED by the City Council (this Council) of the City of Golden Valley, Minnesota (the City), as follows: Section 1. Recitals. 1.01. The City would be authorized by the Municipal Housing Programs Act, Minnesota Statutes, Chapter 462C, as amended (the Act), to issue and sell revenue bonds or obligations in order to make or purchase loans to finance one or more multifamily housing developments within its boundaries, which revenue bonds or obligations would be payable fully from the revenues of the developments. 1.02. Laurel Ponds Limited Partnership, a Minnesota Limited Partnership to be formed (the Developer), proposes to construct a rental complex located on the northeast corner of Laurel and Jersey in the City, composed of 120 rental units and other functionally related and subordinate facilities, to construct the facilities and to operate the facilities as a multifamily housing development under the Act. The Developer has requested that the City issue its revenue bonds or obligations (the Revenue Bonds) under the Act and make a loan of the proceeds of the sale of the Revenue Bonds in order to finance the construction of the facilities. The approximate maximum aggregate face amount of the Revenue Bonds proposed to be issued and sold under the Developer's proposal would be Six Million Dollars ($6,000,000). 1.03. The City has caused the preparation of a proposed program under the Act relating to the proposal of the Developer (the Program). A copy of the Program has been placed on file with, and is available for public inspection at, the office of the City Clerk. 1.04. The Act provides that a public hearing of the Program is to be held prior to its adoption, after notice of the public hearing is published at least fifteen (15) days prior to the date set for the public hearing. 1.05. The Revenue Bonds of the City would be "industrial development bonds" within the meaning of Section 103 of the Internal Revenue Code of 1954, as amended (the Code). Section 103(k) of the Code, and the regulations promulgated and proposed thereunder, require that the City hold a public hearing relating to the proposed issuance of the Revenue Bonds prior to approving their issuance, which hearing is to be held after notice of the hearing is published at least fourteen (14) days prior to the date for the hearing. Section 2. Public Hearing. 2.01. A public hearing on the Program, including the proposed issuance of the Revenue Bonds, is hereby called and shall be held on August 7, 1984 at 7:30 o'clock p.m. at the City Hall. Resolution 84-83 - Continued July 17, 1984 2.02. The City Clerk is hereby directed to cause notice of the public hearing to be published in a newspaper of general circulation in the City at least once not less than fifteen (15) days prior to the date fixed for the public hearing, in substantially the form of the notice attached hereto. 2.03. A copy of the proposed Program shall be placed on file with the City Clerk and be available for public inpsection following publication of the notice of public hearing, between the hours of 8:00 a.m. and 4:30 p.m. on Monday through Friday. Mary EjInderson, Mayor ATTEST: Jl� John Hurp hy,; Clerk The motion for the adoption of the foregoing resolution was seconded by Member Stockman and upon a vote being taken thereon, the following voted in favor thereof: Anderson, Johnson, Stockman and Thompson, and the following was absent: Bakken, and the following voted against the same: none, whereupon said resolution was declared duly passed and adopted, signed by the Mayor and her signature attested by the City Clerk. Resolution 84-83 - Continued NOTICE OF PUBLIC HEARING July 17, 1984 The Golden Valley City Council will meet in the Council Chambers of the City Hall, 7800 Golden Valley Road, on August 7, 1984 at 7:30 PH to consider application selection criteria for the Housing Development Grant Program. The public is invited to attend and offer its comments.