NOTICE OF PUBLIC HEARING ON A PROPOSAL FOR THE ISSUANCE OF REVENUE BONDS UNDER MINNESOTA STATUTES, CHAPTER 462C, TO FINANCE A MULTIFAMILY HOUSING DEVELOPMENT
NOTICE IS HEREBY GIVEN that the City Council (the Council) of the City of Brooklyn Park, Minnesota (the City) will hold a public hearing on Monday, April 10, 2017, commencing on or after 7:00 p.m. at the City Council Chambers at City Hall, 5200 85th Avenue North, in Brooklyn Park, Minnesota, to consider a proposal for the issuance by the City of conduit revenue bonds in one or more series (the Bonds) under Minnesota Statutes, Chapter 462C, as amended, in accordance with a Housing Program for a Multifamily Housing Development (the Housing Program). The proceeds derived from the sale of the Bonds are proposed to be loaned to Amorce I Limited Partnership, a Minnesota limited partnership (the Borrower), which will apply the proceeds of the loan to: (i) the acquisition and rehabilitation of 170 units of multifamily rental apartments, and facilities functionally related and subordinate thereto, commonly known as Brooks Landing Apartments and Brook Gardens Apartments and Townhomes, located at 5825 74th Avenue North and 5550 69th Avenue North, respectively, in the City (collectively, the Project); (ii) the funding of one or more reserve funds to secure the timely payment of the Bonds; (iii) the payment of interest on the Bonds during the rehabilitation of the Project; and (iv) the payment of the costs of issuing the Bonds. The Project will be owned by the Borrower and the residential units of the Project are to be leased to persons and families of low-and-moderate income.
Following the public hearing, the Council will consider a resolution: (i) authorizing the financing of the acquisition and rehabilitation of the Project through the issuance of the Bonds; and (ii) approving various documents related to the issuance of the Bonds (the Bond Documents). The maximum aggregate face amount of the Bonds proposed to be issued is presently estimated not to exceed $15,000,000. The Bonds will be special, limited revenue obligations of the City payable solely from the revenues expressly pledged to the payment thereof, and will not constitute a general or moral obligation of the City, and will not be secured by the taxing powers of the City or any assets or property of the City, but will be payable from loan repayments made by the Borrower to the City in accordance with the terms and conditions of the Bond Documents and from revenues derived from any security provided by the Borrower.
At the time and place fixed for the public hearing, the Council will give all persons who appear at the hearing an opportunity to express their views with respect to the proposal. Written comments will be considered if submitted to the Finance Director of the City on or before the date of the hearing.
Published in the
Brooklyn Park Sun Post
March 16, 2017