HomeMy WebLinkAboutResolution 2022-115 Bond Conduit - Issuance - Opt 2City of Corcoran
County of Hennepin
State of Minnesota
RESOLUTION NO. 2U22-115
Motion By: McKee
Seconded By: Nichols
A RESOLUTION Title
September 22, 2022
RESOLUTION CALLING FOR A PUBLIC HEARING ON
A HOUSING PROGRAM AND THE ISSUANCE OF CONDUIT REVENUE
BONDS AND AUTHORIZING THE
PUBLICATION OF A NOTICE OF PUBLIC HEARING
(SAINT THERESE OF CORCORAN PROJECT)
WHEREAS, pursuant to Minnesota Statutes, Chapter 462C, as amended (the
"Act municipalities are authorized to carry out the public purposes described in the Act
by providing for the issuance of r
housing developments (including
developments and health care fac
evenue bonds to provide funds to finance multifamily
ilit
facilities that
ies); and
are a combination of multifamily housing
WHEREAS, the City of Corcoran, Minnesota (the "City"), has received from Saint
Therese of Corcoran, LLC, a Minnesota nonprofit limited liability company, or an affiliate
thereof or entity related thereto (the "Borrower"), whose sole member is Saint Therese
Communities, a Minnesota nonprofit corporation and tax exempt organization pursuant
to Section 501(c)(3) of the Internal Revenue Code of 1986 as amended (the
'Corporation"), a proposal that th
e
Project hereinafter described t
obligations, in one or
principal amount not t
in
City undertake a program to assist n financing a
conduit revenue bonds or
more series as taxable or tax-exempt obligations in an aggregate
o exceed $50,000,000 (the "Bonds") pursuant to the Act; and
hr
the issuance of
WHEREAS, the proceeds of the Bonds will be loaned by the City to the Borrower
to (i) finance the acquisition, construction and equipping of a senior living campus
including approximately 99 independent living apartments, 34 assisted living apartments
and 20 memory care apartments, and related common areas, facilities and amenities, to
be located south of City Hall on approximately 13 acres located at 8200 County Road
Number 116 near the intersection of County Road 10 and County Road 116 (Fletcher
Lane) in the City (the "Project_"); (ii) fund all or a portion of the capitalized interest for the
Bonds, if necessary; (111) fund a debt service reserve for the Bonds, if necessary; and (iv)
pay the costs of issuance for the Bonds. The Project will be owned and operated by the
Borrower; a n d
WHEREAS, as a condition to the issuance of the Bonds, the City must adopt a
housing program providing the information required by Section 462C.03, subdivision 1 a
of the Act (the "Housing Program"); and
WHEREAS, under Section 147(f) of the Internal Revenue Code of 1986, as
amended (the "Code"), prior to the issuance of the Bonds, the City Council must conduct
a public hearing after one publication of notice in a newspaper circulating generally in the
City at least 7 days before the hearing. Under Section 462C.04, subdivision 2 of the Act,
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City of Corcoran
County of Hennepin
State of Minnesota
RESOLUTION NO. 2022-115
September 22, 2022
a public hearing must be held on the Housing Program after one publication of notice in
a newspaper circulating generally in the City at least 15 days before the hearing.
NOW, THEREFORE, BE IT RESOLVED by the City Council of City of
Corcoran, as follows.
1. A public hearing on the proposal of the Borrower will be held at a time and
place chosen by the City Administrator. Notice of such hearing (the "Public Notice") will
be published and/or posted as required by Section 462C.04, subdivision 2 of the Act and
Section 147(f) of the Code.
2. Kennedy &Graven, Chartered, as bond counsel to the City ("Bond
Counsel"), is hereby authorized and directed to publish the Public Notice, in substantially
the form attached hereto as EXHIBIT A with such changes as approved by city staff, in
the official newspaper of the City and in a newspaper of general circulation in the City, at
least 15 days before the meeting of the City Council at which the public hearing will take
place.
3. Bond Counsel is authorized to prepare and draft a Housing Program to
authorize the issuance by the City of the Bonds to provide financing for the Project by the
Borrower. Bond Counsel is authorized and directed to submit the Housing Program to
Metropolitan Council for review and comment pursuant to Section 462C.04, subdivision
2 of the Housing Act
4. The Borrower will pay to the City an administrative fee not to exceed 15
basis points of the total bond issuance at closing on the Bonds and pay, or, upon demand,
reimburse the City for payment of, any and all costs incurred by the City in connection
with the proposed financing, whether or not the Bonds are issued.
VOTING AYE
®
McKee, Tom
❑ Bottema, Jon
® Nichols, Jeremy
❑ Schultz, Alan
® Vehrenkamp, Dean
VOTING NAY
❑ McKee, Tom
❑ Bottema, Jon
❑ Nichols, Jeremy
❑ Schultz, Alan
❑ Vehrenkamp, Dean
Whereupon, said Resolution is hereby declared adopted on this 22nd day of September,
2022.
ATTEST
Michel I
riedrich —City Clerk
Tom McKee -Mayor
City Seal
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