HomeMy WebLinkAboutResolution No. 450-05 ... .... .. ....
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• EXTRACT OF MINUTES OF A MEETING OF THE
COMMON COUNCIL OF THE CITY OF
ROCHESTER,MINNESOTA
Pursuant to due call and notice thereof, a regular or special meeting of the Common
Council of the City of Rochester, Minnesota, was duly held in the Council/Board Chambers in
the Government Center on Wednesday, September'7, 2005, commencing at 7:00 P.M., C.T.
The following Councilmembers were present: President Dennis Hanson,
Councilmembers Amy Blenker, Pat Carr, Marcia Marcoux, Jean McConnell ,
Sandra Means, Bob Nowicki
and the following were absent: None
During said meeting President Dennis Hanson introduced the following
Resolution, the written presentation and reading of which were waived by unanimous consent of
the Council, and moved its adoption:
RESOLUTION NO. -1 -05
RESOLUTION GIVING HOST APPROVAL TO THE
ISSUANCE OF HOUSING REVENUE BONDS
. FOR A PROJECT LOCATED IN THE CITY OF ROCHESTER,MINNESOTA
WHEREAS, PHS/VOA Rochester, Inc., a Minnesota nonprofit corporation (the
"Borrower"), has proposed that the City of Dodge Center, Minnesota, the City of Mantorville,
Minnesota and the City of Oronoco, Minnesota (collectively, the "Issuers") finance a Project (as
defined below) located in the City of Rochester, Minnesota (the "City") by the issuance of tax
exempt revenue bonds in the approximate principal amount of$22,000,000,which may be issued
in the form of one or more notes (collectively,the "Revenue Bonds"); and
WHEREAS, Section 147(f) of the Internal Revenue Code of 1986, as amended (the
"Code"), requires that the governmental unit in which facilities to be financed by the Revenue
Bonds are located must approve the issuance of the Revenue Bonds following a public hearing;
and
WHEREAS, the City conducted a public hearing on this same date at which hearing all
persons who appeared were given an opportunity to express their views with respect to the
Project:
NOW, THEREFORE, BE IT RESOLVED by the Common Council (the "Council") of
the City of Rochester, Minnesota(the "City"), as follows:
1. Project. The Borrower has advised the City that the Project to be financed by the
Revenue Bonds consists of the acquisition, construction, and equipping of a multifamily rental
• housing facility consisting of approximately sixty (60) assisted living units, of which
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. approximately sixteen (16) units are memory care units, approximately seventy-seven (77) units
of independent senior living units and a town center of approximately 21,500 square feet (the
"Project"), to be located at the northwest corner of the intersection of 55`h Street NW and 18`h
Avenue in the City(the "Project").
2. Host Approval. The City hereby gives the host approval to the issuance of the
Revenue Bonds for the Project for purposes of Section 147(D of the Internal Revenue Code.
3. Limited Liability. The Revenue Bonds shall be issued by the Issuers. In no event
shall the Revenue Bonds be payable from or charged upon any funds of the City; the City is not
subject to any liability thereon; no owners of the obligations shall ever have the right to compel
the exercise of the taxing power of the City to pay any of the obligations or the interest thereon,
nor to enforce payment,thereof against any property of the City; the Revenue Bonds shall not
constitute a charge, lien or encumbrance, legal or equitable, upon any property of the City; and
the Revenue Bonds do not constitute a general or moral obligation or an indebtedness of the City
within the meaning of any constitutional, statutory, or charter limitation.
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• PASSED AND ADOPTED BY THE COMMON COUNCIL OF THE CITY OF
ROCHESTER,MINNESOTA, THIS 7TH DAY OF SE P MBER, 2005.
PRESIDENT OF SAID COMMON
COUNCIL
ATTEST:
CITf C RK
Approved this 60) day of September,2005.
(Seal of the City of •��, T.' �
Rochester, Minnesota) MAYOR OF SAID CITY
Councilmember Marcia Marcoux moved the adoption of the foregoing
resolution, which motion was duly sec-o-n-d-e-d by Councilmember Sandra Means ,
and upon vote being taken thereon, the following Councilmembers voted in favor thereof:
President-Dennis Hanson, Councilmembers Amy Blenker, Pat Carr, Marcia Marcoux,
Jean McConnell , Sandra Means, Bob Nowicki
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and the following Councilmembers voted against the same: None
whereupon said resolution was declared duly passed on adopted.
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