4.1. SR 11-22-1999 - Laserfiche WebLink

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. . . NOTICE OF PUBLIC HEARING ON A PROPOSAL FOR ISSUANCE OF MULTIFAMILY HOUSING DEVELOPMENT REVENUE BONDS Notice is hereby given that the City Council of the City of Elk River, Minnesota (the "City"), will meet "in the City Council Chambers at the City Hall at 6:00 p.m. on November 22, 1999 to consider the proposal of West Suburban Housing Partners II Limited Partnership, a Minnesota limited partnership (the "Company"), that the City undertake a housing program to finance a project hereinafter described by the issuance of revenue bonds of the City pursuant to Minnesota Statutes, Chapter 462C, as amended. The project consists of the acquisition and renovation of an 18 unit housing facility (Elk Ridge Estates Facility) located at 11755 191 1/2 Northwest Avenue in the City and a 54 unit housing facility (Oak Crest Apartments Facility) located at 300, 340 and 380 Third Street Northwest in the City (collectively, the "Project"). The Project will be owned and operated by the Company. The estimated principal amount of Revenue Bonds to be issued to finance the Project is $4,000,000. The Revenue Bonds or other obligations if and when issued will not constitute a charge, lien or encumbrance upon any property of the City except the project and the revenues to be derived from the Project, and such Revenue Bonds or obligations will not be a charge against the City's general credit or taxing powers but will be payable from sums to be paid by the Company 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 proposal. In addition, interested persons may file written comments respecting the proposal with the City Administrator at or prior to said public hearing. By order of the City Council. By /s/ Patrick Klaers City Administrator 1099112.1