HomeMy WebLinkAboutResolution - 94-60 - Consenting to Issuance of Health Facilities Development Revenue Bonds by City of Minneapolis to Finance Community Home Program Project - 04/19/1994 RESOLUTION NO. 9 4 - S 0
CONSENTING TO THE ISSUANCE OF HEALTH
FACILITIES DEVELOPMENT REVENUE BONDS
BY THE CITY OF M '4NEAPOLIS TO FINANCE
THE COMMUNITY HOME PROGRAM PROJECT
WHEREAS, pursuant to Sections 469.152 through 469.165, Minnesota Statutes (the
"Act"), as amended, municipalities are authorized to issue industrial development revenue bonds
for the purpose of providing financing for the acquisition, construction and installation of a
project consisting of real and personal properties used or useful in connection with a revenue
producing enterprise engaged in providing health care services; and
WHEREAS, in enacting the Act the Legislature found that the welfare of the State of
Minnesota requires the active, promotion, attraction, encouragement and development of
economically sound and commerce to prevent, as far as possible, the emergence of blight and
other areas of chronic unemployment and to prevent economic deterioration; and
WHEREAS, The Community Home Program, a Minnesota nonprofit corporation (the
"Borrower") has proposed to acquire land located in the City of Eden Prairie, at 12845 Pioneer
Trail to construct thereon handicapped accessible adult foster care facilities of 6 units at this
location (the "Project"); and
WHEREAS, in order to take advantage of economics of scale and to reduce costs of
issuance, the Borrower has made arrangments with the City of Minneapolis to issue its Health
Care Development Revenue Bonds(the "Bonds")for the purpose of financing this facility located
in the City of Eden Prairie; and
WHEREAS, the City of Minneapolis has determined that the undertaking of the Project
and the issuance of the Bonds to finance the course thereof will further promote the public
purposes and legislative objectives of the Act by encouraging the location and retention of
revenue producing enterprises within the City and in Eden Prairie by providing health care
facilities for those affected by certain neurological conditions including traumatic brain injury,
Multiple Sclerosis, Muscular Dystrophy, Cerebral Palsy, Huntington's Disease and Alzheimer's
Disease. The Project will also provide additional employment opportunities for residents of the
City and surrounding municipalities and stimulate the development and redevelopment of
marginal lands within the City and surrounding municipalities.
NOW, THEREFORE, BE IT RESOLVED by the City Council the City of Eden Prairie
as follows:
13. The City hereby consents to issuance of the Bonds by the City of Minneapolis to
finance the Project, to be located in Eden Prairie.
14. The Bonds shall not be deemed issued on behalf of the City of Eden Prairie and
accordingly the City of Minneapolis shall be solely responsible for the issuance
of the Bonds and may take such action as they may deem appropriate for such
purpose.
ADOPTED by the City Council on April 19, 1 94.
s
Douglas B. Tenpas, Mayor
ATTEST:
Q—�
John D rane, City Clerk