08-34 - 08-06 - Issuance Revenue Bonds for Opportunity Partners, Inc Under Minnesota Statutes, Sections 469.152 thru 469.165Resolution 08-34
August 6, 2008
0 Member Freiberg introduced the following resolution and moved its adoption:
RESOLUTION CALLING A PUBLIC HEARING REGARDING THE ISSUANCE OF
REVENUE BONDS FOR THE BENEFIT OF OPPORTUNITY PARTNERS, INC. UNDER
MINNESOTA STATUTES, SECTIONS 469.152 THROUGH 469.165
BE IT RESOLVED by the City Council of the City of Golden Valley, Minnesota (the
"City") as follows:
Section 1. Recitals.
1.01. Minnesota Statutes, Sections 469.152 through 469.165, as amended (the
"Act"), authorizes the City to pay, purchase, or discharge all or any part of the outstanding
indebtedness of a contracting party that is an organization primarily engaged in activities
for mentally or physically disabled persons, which outstanding indebtedness was previously
incurred in the acquisition or betterment of its existing facilities.
1.02. Opportunity Partners, Inc., a Minnesota nonprofit corporation (the "Borrower")
has requested that the Hennepin County Housing and Redevelopment Authority (the
"Authority") issue revenue bonds pursuant to the Act in one or more series in the
approximate principal amount not to exceed $3,100,000 (the "Bonds") in order to finance
all or a portion of the following: (i) the redemption and prepayment of the outstanding
principal amount of the $3,528,400 Hennepin County Housing and Redevelopment
Authority Industrial Development Revenue Note (Opportunity Partners Project), Series
2001, issued by the Authority on October 4, 2001, and (ii) the refinancing of taxable
indebtedness used by the Borrower to acquire two (2) group treatment residences located
in the City and the City of Crystal, Minnesota ("Crystal"), each owned and operated by the
Borrower (collectively, the "Project").
1.03. The Borrower has also requested that the City grant host city approval for the
issuance of the Bonds to finance the Project, pursuant to the terms of a Cooperation
Agreement, dated as of September 1, 2008 between the City, the Authority and Crystal.
1.04. Pursuant to Section 147(f) of the Internal Revenue Code of 1986, as
amended, prior to granting host city approval of the financing of the Project, the City is
required to conduct a public hearing with respect to the proposed financing of the Project.
Section 2. Public Hearing.
2.01. The City Council will meet at or after 7 p.m. on Tuesday, September 2, 2008,
to conduct a public hearing on the Project and issuance of the Bonds therefor as requested
by the Borrower.
2.02. A notice of such public hearing must be published at least once, not less than
fourteen (14) days prior to the date fixed for the hearing in a newspaper of general
circulation in the City.
Resolution 08-34 - Continued
August 6, 2008
. 2.03. The City Finance Director is authorized and directed to publish notice of the
public hearing, in substantially the form attached hereto as EXHIBIT A, in the New Hope -
Golden Valley Sun Post, the official newspaper of the City and a newspaper of general
circulation in the City. The notice shall be published at least once, at least fourteen (14)
days prior to the date of the public hearing.
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Susan M. Virnig, City Clerk
The motion for the adoption of the foregoing resolution was seconded by Member Shaffer
and upon a vote being taken thereon, the following voted in favor thereof: Freiberg,
Loomis, Pentel, Scanlon and Shaffer; 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 08-34 - Continued August 6, 2008
EXHIBIT A
NOTICE OF A PUBLIC HEARING ON THE ISSUANCE OF REVENUE BONDS
OF THE HENNEPIN COUNTY HOUSING AND REDEVELOPMENT AUTHORITY
NOTICE IS HEREBY GIVEN that the City Council (the "Council") of the City of
Golden Valley, Minnesota (the "City"), will hold a public hearing on Tuesday, September 2,
2008, on or after 7 p.m., at City Hall, 7800 Golden Valley Road, to consider a proposal that
the City approve and authorize the issuance of revenue bonds (the "Bonds"), by the
Hennepin County Housing and Redevelopment Authority (the "Authority"), in one or more
series, under the Minnesota Municipal Industrial Development Act, Minnesota Statutes,
Sections 469.152 through 469.165, as amended (the "Act"), for the purpose of: (i)
redeeming and prepaying the Hennepin County Housing and Redevelopment Authority
Industrial Development Revenue Note (Opportunity Partners Project), Series 2001 (the
"Prior Bonds"), and (ii) refinancing taxable indebtedness used to acquire two (2) group
treatment residences for people with developmental disabilities, owned and operated by
Opportunity Partners, Inc., a Minnesota nonprofit corporation (the "Borrower"), located at
1440 Maryland Avenue North in the City, and at 3812 Hampshire Avenue in the City of
Crystal, Minnesota (collectively, the "Project"). The Prior Bonds were issued to finance and
refinance sixteen (16) group treatment residences and a training and workplace facility
owned and operated by the Borrower. The Project will be owned and operated by the
Borrower. The maximum aggregate principal amount of the proposed Bonds is
$3,100,000.
Following the public hearing, the Council will consider a resolution to: (i) approve the
issuance of the Bonds by the Authority, and (ii) approve and authorize the execution and
delivery of a Cooperation Agreement, dated as of September 1, 2008 with the Authority
and the City of Crystal, Minnesota with respect to the issuance of the Bonds.
The Bonds will be special, limited obligations of the Authority and the Bonds and
interest thereon will be payable solely from the revenues and assets pledged to the
payment thereof. No Bonds or other obligations will be issued by the City. No holder of
any Bond will ever have the right to compel any exercise of the taxing power of the City to
pay the Bond or the interest thereon, nor to enforce payment against any property of the
City. Before issuing the Bonds, the Authority will enter into a revenue agreement with the
Borrower, whereby the Borrower will be obligated to make payments at least sufficient at all
times to pay the principal of and interest on the Bonds when due.
Anyone desiring to be heard during this public hearing will be afforded an
opportunity to do so.
Dated: August 14, 2008
CITY OF GOLDEN VALLEY, MINNESOTA
• Susan M. Virnig, City Clerk