HomeMy WebLinkAboutResolution - 2002-57 - Calling for Public Hearing on Proposed Issuance of Revenue Notes by the City of Blaine - 03/19/2002 CITY OF EDEN PRAIRIE
HENNEPIN COUNTY,M %NESOTA
RESOLUTION NO.2002-57
RESOLUTION CALLING FOR A PUBLIC HEARING ON
THE PROPOSED ISSUANCE OF REVENUE NOTES BY
THE CITY OF BLAINE, MINNESOTA UNDER
MINNESOTA STATUTES, CHAPTER 462C,AS AMENDED,
AND SECTIONS 469.152 - 469.165, AS AMENDED, TO
FINANCE PROPERTY FOR THE BENEFIT OF FRASER
BE IT RESOLVED by the City Council of the City of Eden Prairie, Minnesota, that the
Council shall conduct a public hearing on the proposed issuance by the City of Blaine,Minnesota of
revenue notes to refinance and rehabilitate residential group home facilities for the benefit of
Fraser, a Minnesota nonprofit corporation, pursuant to the Minnesota Statutes, Chapter 462C, as
amended, and Minnesota Statutes, Sections 469.152 - 469.165, as amended, (collectively, the
"Act"). The hearing will be held by the City Council at City Hall, 8080 Mitchell Road, Eden
Prairie,Minnesota, at 7:00 p.m. on Tuesday,April 16, 2002. The portion of the Project proposed to
be located in the City is described in the form of Notice of Public Hearing attached hereto as
Exhibit A,which is hereby approved. The City Clerk is authorized and directed to cause the Notice
of Public Hearing to be published once, at least 14 days prior to the date of the hearing.
ADOPTED by the Eden Prairie City Council on the 19th day of March, 2002.
cy a- , ayor
ATTEST:
Ka hleen Porta, City Clerk
i
EDIT A
CITY OF EDEN PRAIRIE,NIINNESOTA
NOTICE OF PUBLIC HEARING ON THE ISSUANCE OF
REVENUE BONDS TO FINANCE AND REFINANCE
HOUSING AND HEALTH CARE FACILITIES AND A
PROPOSED HOUSING PROGRAM(FRASER PROJECT)
NOTICE IS HEREBY GIVEN that the City Council of the City of Eden Prairie,
Minnesota (the "City"), will meet on Tuesday, April 16, 2002 at 7:00 p.m. at the City Hall,
8080 Mitchell Road, in Eden Prairie, Minnesota for the purpose of conducting a public hearing
on a proposal that the City: (i) give host approval to the issuance of revenue bonds, notes, or
other obligations (the "Bonds") by the City of Blaine, Minnesota (the "Issuer") pursuant to
Minnesota Statutes, Chapter 462C, as amended, and Sections 469.152 - 469.165, as amended, a
portion of which in the amount of$475,000 will be applied to finance and refinance a project
hereinafter described to be undertaken by Fraser, a Minnesota non-profit corporation (the
"Borrower"); (ii) execute a Joint Powers Agreement with the Issuer; and (iii) adopt a housing
program (the "Housing Program") with respect to the housing project hereinafter described (the
"Project').
The Issuer will apply the proceeds of the Bonds to finance and refinance the Project and
other housing developments (the "Developments") located in the Issuer and several other cities
in the State of Minnesota. The maximum aggregate estimated principal amount of the Bonds to
be issued by the Issuer to finance and refinance the Project and the other Developments is
$4,000,000. The Borrower will be the owner and operator of the Project and the other
Developments. The Borrower will be the obligor under the Bonds. The Project and the other
Developments will be managed by the Borrower.
The Bonds, as and when issued, will not constitute a charge, lien or encumbrance upon
any property of the City, except the interest of the City in the Project and the revenues to be
derived from the Project. The Bonds will not be a charge against the general credit or taxing
powers of the City or the Issuer, but are payable from sums to be paid by the Borrower pursuant
to a revenue agreement.
At the time and place fixed for the public hearing, the City Council of the City will give
all persons who appear at the hearing an opportunity to express their views with respect to the
financing of the Project pursuant to the Housing Program. Written comments will be considered
if submitted at the above City office on or before the date of the hearing.
Dated:
[Date of Publication]
CITY OF EDEN PRAIRIE,MINNESOTA