NOTICE OF A
TO BE CONDUCTED BY THE CITY OF GOLDEN VALLEY WITH RESPECT TO THE ISSUANCE OF REVENUE OBLIGATIONS BY THE CITY OF MINNETONKA
NOTICE IS HEREBY GIVEN that the City Council of the City of Golden Valley, Minnesota (the City), will hold a public hearing on Tuesday, September 5, 2017, at or after 6:30 p.m. at City Hall, located at 7800 Golden Valley Road in the City, to consider a proposal that the City grant host city approval to the issuance of one or more series of revenue obligations (the Obligations) in the maximum aggregate principal amount of $7,000,000 by the City of Minnetonka, Minnesota (Minnetonka) under Minnesota Statutes, Chapter 462C, as amended (the Act), and Minnesota Statutes, Sections 471.59 and 471.656, as amended, for the benefit of CHC Minnetonka Affordable Housing LLC, a Minnesota limited liability company (the Borrower), the managing member of which is CHC Minnetonka Affordable Housing MM LLC. The Borrower intends to apply a portion of the proceeds of the Obligations to finance the acquisition and substantial rehabilitation of six (6) existing affordable townhome units located at 2100 Douglas Drive North in the City and two (2) existing affordable townhome units located at 3354 Lilac Drive North in the City, which constitute a multifamily housing development authorized under the terms of the Act. The Borrower also intends to use a portion of the proceeds of the Obligations to finance the acquisition and substantial rehabilitation of forty-six (46) existing affordable townhome units located at 5400 Smetana Drive in Minnetonka.
The Obligations will be special, limited obligations of Minnetonka, and the Obligations and interest thereon will be payable solely from the revenues and assets pledged to the payment thereof. No holder of any Obligations will ever have the right to compel any exercise of the taxing power of the City to pay the Obligations or the interest thereon, nor to enforce payment against any property of the City. The Obligations are to be payable solely from revenues and security provided by the Borrower to Minnetonka and pledged to the payment of the Obligations. Before issuing the Obligations, Minnetonka will enter into an agreement with the Borrower, whereby the Borrower will be obligated to make payments at least sufficient at all times to pay the principal of and interest on the Obligations when due.
At the time and place fixed for the public hearing, the City Council 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 direct any questions or file written comments respecting the proposal with the City Clerk, at or prior to said public hearing.
Dated: August 10, 2017
BY ORDER OF THE CITY COUNCIL OF THE CITY OF GOLDEN VALLEY, MINNESOTA
/s/ Kristine A. Luedke
City of Golden Valley, Minnesota
Published in the
New Hope-Golden Valley Sun Post
August 10, 2017