8.1. SR 09-06-2011 - Laserfiche WebLink

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EXTRACT OF MINUTES OF A MEETING OF THE CITY COUNCIL OF THE ELK RIVER, MINNESOTA Pursuant to due call and notice thereof, a regular or special meeting of the City Council of the City of Elk River, Minnesota, was duly held in the City Hall in said City on Tuesday, September 6, 2011, commencing at approximately 5:30 P.M. The following Councilmembers were present: and the following were absent: Member introduced the following resolution and moved its adoption: RESOLUTION NO. I I - RESOLUTION CALLING FOR A PUBLIC HEARING ON THE ISSUANCE OF REVENUE BONDS AND RATIFYING THE PUBLICATION OF A NOTICE OF HEARING (GUARDIAN ANGEL PROJECT) WHEREAS, under the Minnesota Housing Act, Minnesota Statutes, Chapter 462C, as amended (the "Housing Act"), any statutory or home rule charter city may issue revenue bonds or obligations to make a loan to finance a multifamily housing development, including the preparation and construction of a new development and the improvement of an existing building and site by a nonprofit corporation which will operate the building as a multifamily housing development for rental primarily to elderly or disabled persons; and WHEREAS, the Housing Act also provides that a multifamily housing development may consist of a combination of a multifamily housing development and a new or existing health care facility if: (i) the multifamily housing development is designed and intended to be used for rental occupancy; (ii) the multifamily housing development is designed and intended to be used primarily by elderly or physically disabled persons; and (iii) nursing, medical, personal care, and other health-related assisted living services are available on a 24-hour basis in the multifamily housing development to the residents; and WHEREAS, in the making of a multifamily housing development loan and the issuance of revenue bonds or other obligations under the Housing Act, a city may exercise within its corporate limits any of the powers the Minnesota Housing Finance Agency may exercise under the terms of the Housing Finance Agency Act, Minnesota Statutes, Chapter 462A, as amended; and WHEREAS, the City of Elk River, Minnesota (the "City"), has received from Evans Park, Inc., a Minnesota nonprofit corporation and 501(c)(3) organization (the "Borrower"), a proposal that the City undertake a program to assist in financing a Project hereinafter described, through the issuance of revenue bonds or obligations (in one or more series) (the "Bonds") pursuant to the Act; and WHEREAS, before proceeding with consideration of the request of the Borrower it is necessary for the City to hold a public hearing on the proposal pursuant to the Act: 391273v1 JSB EL185-16