5.4. SR 01-10-2000 - Laserfiche WebLink

Home Browse Search

EXHIBIT E Housing Program Relating to the Issuance of City of Elk River Revenue Bonds Under Minnesota Statutes, Chapter 462C, in Part for The Financing of Elderly Housing Development on Behalf of Evans Park, Inc. 1. Local Housing Policy. The City's housing policies are currently set forth in the City's Comprehensive Plan and in related plans and documents. This Housing Program has been developed pursuant thereto, all in accordance with and as contemplated by Minnesota Statutes, Chapter 462C, as amended (sometimes referred to herein as the "Act"). Under the Act, the City, prior to issuing revenue bonds or other obligations with respect to a multi-family housing development, as described in Section 462C.05, subd. 4, thereof, or a combination health care and elderly housing development, as described in Section 462C.05, subd. 7, is to adopt a program setting forth the information required by the Act, including but not limited to Section 462C.05, Subd. 6, of the Act. This Program advances the City's stated housing goals by enhancing and increasing the City's supply of affordable rental housing facilities for elderly persons at reasonable rental rates, all as authorized, contemplated, and prescribed by the Act. 2. Program. This Housing Program comprises an effort by the City to advance its housing goals by providing financing for the elderly housing development described in paragraph 4 below (sometimes referred to herein generally as the "Facilities"). The proposed acquisition and construction of the Facilities is expected to increase the City's supply of affordable rental housing facilities for elderly persons. The method of financing to be advanced for this Program shall consist of the issuance of revenue bonds (the "Bonds") by the City, on behalf of the jurisdictions listed in Exhibit I hereto (the "Participating Jurisdictions"), pursuant to the provisions of the Act and a joint powers agreement to be entered into between the Issuer and the other Participating Jurisdictions under the provisions of Minnesota Statutes, Section 471.59, as amended (the "Joint Powers Agreement"). The proceeds of the Bonds will be loaned to the entities named in Exhibit 2 hereto (the "Borrowers") pursuant to individual loan agreements with the City to provide for the repayment of each Borrower's loan. A portion of the proceeds of the Bonds (the "Evans Park Loan") shall be loaned to Evans Park, Inc., a Minnesota nonprofit corporation (referred to herein as "Evans Park"), to provide permanent financing for the Facilities, and repayment of the Evans Park Loan shall be provided for by Evans Park entering into a loan agreement with respect to the Facilities (the "Evans Park Loan Agreement"). E-1