City Council Resolution 1995-34RESOLUTION NO. 95-34
RESOLUTION CALLING A PUBLIC HEARING REGARDING
A MODIFIED HOUSING PROGRAM AND ISSUANCE OF
REVENUE BONDS UNDER MINNESOTA STATUTES, CHAPTER 462C
BE IT RESOLVED by the City Council of the City of Monticello, Minnesota (the
"City") as follows:
Section 1. Recitals.
1.01. Minnesota Statutes, Chapter 462C (the "Act") authorizes the City to
issue revenue bonds to finance the acquisition and construction of multifamily
housing developments.
1.02. Section 462C. 01 of the Act requires that in order carry out a Project,
the City must develop a housing plan ( "Plan") and a housing program ("Program")
and hold a public hearing thereon.
1.03. On March 13, 1995, the City Council held a public hearing on and
adopted a Plan and Program in connection with a proposal by Monticello Senior
Housing Alliance, Inc., a Minnesota nonprofit corporation ("Senior Alliance") that
the City issue bonds in the approximate principal amount not to exceed $3,500,000
( the "Bonds") to finance a proposed senior housing facility under the Act. The
proposed Program consists of a 48 -unit multifamily rental housing facility intended
primarily for elderly persons to be located at 1215 Hart Boulevard in the City.
1.04. The City has received a proposal to modify the Program by providing
that the housing facility is owned and constructed by Presbyterian Homes Housing
and Assisted Living, Inc., a Minnesota nonprofit corporation ( "Presbyterian Homes
Housing") , with the possibility of future transfer to Senior Alliance under certain
terms and conditions.
Section 2. Public Hearing.
2.01. The City Council shall meet at 7:00 p.m. on Monday, June 12, 1995, to
conduct a public hearing on the proposed modified housing program and issuance of
the Bonds as requested by Presbyterian Homes Housing.
2.02. The City Administrator is authorized and directed to publish notice of
the hearing in substantially the form attached hereto as Exhibit A in a newspaper of
general circulation in the City once, at least 15 days prior to the date of the public
hearing.
2.03. The Council hereby states its preliminary intention to issue the Bonds
for the Program, subject to adoption of the modified Program and compliance with the
terms and conditions of the Act and the final agreement among the City,
Presbyterian Homes Housing and the initial purchaser of the Bonds as to the terms
and conditions thereof .
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Approved by the City Council of the City of Monticello this 22nd day of May,
1995.
r
ATTEST:
City Administrat
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EXHIBIT A
CITY OF MONTICELLO
NOTICE OF PUBLIC HEARING ON A MODIFIED HOUSING PROGRAM AND
ISSUANCE OF REVENUE BONDS TO FINANCE A THE MODIFIED PROGRAM
UNDER MINNESOTA STATUTES, CHAPTER 462C FOR THE ACQUISITION
AND CONSTRUCTION OF A MULTIFAMILY SENIOR HOUSING DEVELOPMENT
NOTICE IS HEREBY GIVEN that the Monticello City Council (the "Council")
will hold a public hearing on Monday, June 12, 1995 at 7: 00 p.m. at City Hall, 250
East Broadway, Monticello, Minnesota, to consider a modified program for the
issuance of revenue bonds under Minnesota Statutes, Chapter 462C, as amended, to
finance a multifamily senior housing development ( the "Program") . At the public
hearing, the Council will consider adoption of a resolution approving the modified
housing program and giving preliminary or final approval to the issuance of revenue
bonds under the Program for the acquisition and construction of the Presbyterian
Homes Senior Housing Project ( the "Project") . The aggregate face amount of
revenue bonds proposed to be issued to finance the Project is presently estimated
not to exceed $3,500,000.
The Project consists of a 48 -unit multifamily rental facility intended primarily
for elderly persons, to be located at 1215 Hart Boulevard in the City of Monticello,
and will be owned and operated by Presbyterian Homes Housing and Assisted Living,
Inc. The revenue bonds will be issued by the City of Monticello and will be limited
obligations of the issuer payable solely from the revenues pledged to the payment
thereof, and will not be a general obligation of or be secured by the taxing power of
the City of Monticello.
A copy of the proposed modified Program is on file in City Hall. Anyone
desiring to be heard during this public hearing will be afforded an opportunity to
do so.
Dated: [ date of publication]
BY ORDER OF THE CITY
COUNCIL OF THE CITY OF
MONTICELLO, MINNESOTA
BY
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City Admin' trator
Published in the Monticello Times on 5/25/95.
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