14-010 - 02-05 - appointing hennepin county as agent - public hearing - housing developments - issuance of revenue obligations - homeward bound, inc. Resolution 14-10 February 5, 2014
Member Clausen introduced the following resolution and moved its adoption:
RESOLUTION APPOINTING HENNEPIN COUNTY, MINNESOTA AS AGENT
WITH RESPECT TO A PUBLIC HEARING REGARDING HOUSING DEVELOPMENTS
AND THE ISSUANCE OF REVENUE OBLIGATIONS FOR THE BENEFIT OF
HOMEWARD BOUND, INC.
WHEREAS, Homeward Bound, Inc., a Minnesota nonprofit corporation (the
"Borrower"), owns and operates the following housing facilities for the disabled located at
4300 Lake Drive, Robbinsdale, Minnesota; 3300 Fountain Lane, Plymouth, Minnesota; 315
Saratoga Lane North, Plymouth, Minnesota; 13522 Sunset Trail, Plymouth, Minnesota; 305
Althea Lane, Hopkins, Minnesota; 4213 Zealand Avenue North, New Hope, Minnesota;
3009 Atwood Avenue, Minnetonka, Minnesota; 4025 Jersey Avenue North, Crystal,
Minnesota; 3535 June Avenue North, Crystal, Minnesota; 5720 43rd Avenue North, Crystal,
Minnesota; 3529 Lee Avenue North, Crystal, Minnesota; 6809 36th Avenue North, Crystal,
Minnesota; 4155 Webster Avenue South, St. Louis Park, Minnesota; 6452 Bluebird Circle,
Maple Grove, Minnesota; 6769 East Fish Lake Road, Maple Grove, Minnesota; 7324 Noble
Court, Brooklyn Park, Minnesota; 7839 Brooklyn Boulevard, Brooklyn Park, Minnesota;
1629 Independence Avenue North, Golden Valley, Minnesota (the "Existing Facilities"); and
WHEREAS, the Borrower has proposed that the City of New Hope, Minnesota (the
"City of New Hope") issue revenue obligations (the "Notes") for the benefit of the Borrower
in order to (i) refinance one or more 30-year HUD loans for the Borrower's Existing
Facilities; and (ii) finance the acquisition of land and the acquisition, construction, and
equipping of a new facility proposed to be located in Golden Valley, Minnesota (the "New
Facility," and collectively with the Existing Facilities, the "Project"); and
WHEREAS, pursuant to Section 147(fl of the Internal Revenue Code of 1986, as
amended (the "Code"), Minnesota Statutes, Chapter 462C, as amended (the "Act"), and
Minnesota Statutes, Sections 471.59 and 471.656, as amended, prior to the issuance of
the Notes by the City of New Hope, each city in which the Project is located is required to
conduct a public hearing on the Project, a housing program in accordance with the Act, and
the issuance of the Notes; and
WHEREAS, pursuant to Section 5f.103-2(d) of the Code, the public hearings may be
combined into one public hearing as long as the combined public hearing is a joint
undertaking which would provide all of the residents of each city a reasonable opportunity
to be heard; and
WHEREAS, the Cities of Golden Valley, Crystal, Robbinsdale, Plymouth, Hopkins,
Minnetonka, St. Louis Park, Maple Grove, and Brooklyn Park, Minnesota (the "Participant
Cities") desire to designate Hennepin County, Minnesota ("Hennepin County") as the agent
responsible for conducting the required public hearing, in accordance with Section 5f.103-
2(d) of the Code;
Resolution 14-10 - Continued February 5, 2014
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Golden
Valley, Minnesota, as follows:
1. Hennepin County is hereby designated as the agent for purposes of
conducting a public hearing with respect to the Project, the housing program, and the
issuance of the Notes.
2. This resolution shall be in full force and effect from and after its passage.
�
ep d M. Harris, May
ATTEST:
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Susan M. Virnig, City Clerk
The motion for the adoption of the foregoing resolution was seconded by Member Fonnest
and upon a vote being taken thereon, the following voted in favor thereof: Clausen,
Fonnest, Harris, Schmidgall and Snope; and the following voted against the same: none,
whereupon said resolution was declared duly passed and adopted, signed by the Mayor
and his signature attested by the City Clerk.