08-38 - 09-02 - Industrial Development Revenue Refunding Note by Hennepin County Housing and Redevelopment Authority Under Sections 469.152 thru 469.165 Opportunity Partners, Inc.Resolution 08-38
September 2, 2008
0 Member Shaffer introduced the following resolution and moved its adoption:
RESOLUTION APPROVING THE ISSUANCE OF AN INDUSTRIAL
DEVELOPMENT REVENUE REFUNDING NOTE BY THE
HENNEPIN COUNTY HOUSING AND REDEVELOPMENT AUTHORITY
UNDER MINNESOTA STATUTES, SECTIONS 469.152 THROUGH 469.165
OPPORTUNITY PARTNERS, INC.
BE IT RESOLVED By the City Council of the City of Golden Valley, Minnesota (the
"City") as follows:
WHEREAS, under the Minnesota Municipal Industrial Development Act, Minnesota
Statutes, Sections 469.152 through 469.165, as amended (the "Act"), each municipality
and redevelopment agency of the State of Minnesota (as defined in the Act), including the
Hennepin County Housing and Redevelopment Authority (the "Authority"), is authorized to,
among other actions, issue revenue obligations 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; and
WHEREAS, the Authority has proposed to issue its Industrial Development
Revenue Refunding Note (Opportunity Partners Project), Series 2008, in an aggregate
principal amount not to exceed $3,100,000 (the "Note") and loan the proceeds derived from
the sale of the Note to Opportunity Partners, Inc., a Minnesota nonprofit corporation (the
"Borrower"), to finance of all or a portion of the costs 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
supported living service residences, located in the City and the City of Crystal, Minnesota,
each owned and operated by the Borrower (collectively, the "Project"); and
WHEREAS, the Project is owned and will continue to be owned by the Borrower;
and
WHEREAS, on the date hereof, the City Council of the City conducted a public
hearing on the Project and the issuance of the Note, at which a reasonable opportunity was
provided for interested individuals to express their views, both orally and in writing, on the
Project and the issuance of the Note, notice of which hearing (the "Public Notice"), was
published as required by Section 147(f) of the Internal Revenue Code of 1986, as
amended, in the official newspaper and a newspaper circulating generally in the City, on a
date at least fourteen (14) days before the public hearing; and
. WHEREAS, the Public Notice provided a general, functional description of the
Project, as well as the maximum aggregate face amount of the Note, the identity of the
owner of the Project, and the location of the Project.
Resolution 08-38 - Continued September 2, 2008
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
GOLDEN VALLEY, MINNESOTA THAT:
Section 1. Approval of Issuance of Note.
1.01. The City approves and authorizes the issuance by the Authority of the Note,
in an aggregate principal amount not to exceed $3,100,000, to finance the Project.
1.02. The Note is to be issued pursuant to authority granted by the Act. The Note
will constitute a revenue obligation secured solely by the Project, revenues derived from the
operation of the Project, and other security provided by the Borrower. The Note will not
constitute a general or moral obligation of the Authority or the City, or be secured by any
taxing power of the Authority or the City.
1.03. The City has determined that it is desirable, feasible, and consistent with the
objectives and purposes of the Act, and it is in the best interests of the City, to approve the
issuance of the Note by the Authority to provide for, in part, the refinancing of taxable
indebtedness used by the Borrower to acquire a group supported living service residence,
located at 1440 Maryland Avenue in the City.
Section 2. Documents Furnished to Bond Counsel. The Mayor, the City
Clerk/Finance Director, and other officers of the City are authorized and directed to furnish
• to Kennedy & Graven, Chartered, as bond counsel ("Bond Counsel'), certified copies of all
proceedings and records of the City relating to this Resolution and the Public Notice, and
such other affidavits, certificates, and other documents as may be required by Bond
Counsel, and all such certificates, affidavits, and other documents, including any heretofore
furnished, shall constitute representations of the City as to the truth of all statements
contained therein.
Section 3. Costs. The Borrower will, upon demand, reimburse the City for costs
paid or incurred by the City in connection with this Resolution and the Public Notice.
ATTEST:
Susan M. Virnig, City Clerk
r'1
LJ
13MAZZAN
Resolution 08-38 - Continued
September 2, 2008
The motion for the adoption of the foregoing resolution was seconded by Member Pentel
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.
•
0