Loading...
HomeMy WebLinkAboutHRA Resolution No. 2008-02 Calling PH Revenue Note Calvin Christian School • CERTIFICATION OF MINUTES RELATING TO REVENUE NOTE (CALVIN CHRISTIAN SCHOOL OF MINNEAPOLIS PROJECT) SERIES 2008 Issuer: Edina Housing and Redevelopment Authority Governing Body: Board of Commissioners Kind, date, time and place of meeting: A regular meeting, held on February 4, 2008, at 7:00 o'clock p.m., at the City Hall, Edina, Minnesota. Commissioners present: Commissioners absent: Documents Attached: Minutes of said meeting (pages): RESOLUTION NO. 2008-02 • RESOLUTION CALLING FOR PUBLIC HEARING ON THE PROPOSED ISSUANCE OF A REVENUE NOTE IN AN AMOUNT NOT TO EXCEED $1,500,000, AT THE REQUEST OF CALVIN CHRISTIAN SCHOOL OF MINNEAPOLIS I, the undersigned, being the duly qualified and acting recording officer of the public corporation issuing the obligations referred to in the title of this certificate, certify that the documents attached hereto, as described above, have been carefully compared with the original records of the corporation in my legal custody, from which they have been transcribed; that the documents are a correct and complete transcript of the minutes of a meeting of the governing body of the corporation, and correct and complete copies of all resolutions and other actions taken and of all documents approved by the governing body at the meeting, insofar as they relate to the obligations; and that the meeting was duly held by the governing body at the time and place and was attended throughout by the members indicated above, pursuant to call and notice of such meeting given as required by law. WITNESS my hand officially as such recording officer and the seal of the Issuer this day of February, 2008. - )V ecretary • Commissioner introduced the following resolution and moved its • adoption: RESOLUTION NO. 2008-02 RESOLUTION CALLING FOR PUBLIC HEARING ON THE PROPOSED ISSUANCE OF A REVENUE NOTE IN AN AMOUNT NOT TO EXCEED $1,500,000, AT THE REQUEST OF CALVIN CHRISTIAN SCHOOL OF MINNEAPOLIS WHEREAS, the Edina Housing and Redevelopment Authority (the "Issuer") is a public body corporate and politic of the State of Minnesota, and is authorized and empowered by Minnesota Statutes, Sections 469.152 to 469.1651, as amended (the "Act") to issue revenue bonds or notes and loan the proceeds from the sale of said bonds or notes to one or more parties to be used to defray all or a portion of the cost of acquiring, constructing, improving and equipping authorized projects, as further provided in the Act; and WHEREAS, a proposal has been made to the Issuer by Calvin Christian School of Minneapolis, a Minnesota nonprofit corporation (referred to herein as the "Corporation"), and an organization described in Section 501(c)(3) of the Internal Revenue Code, to authorize the issuance of its revenue bond or note for the purpose of financing a project pursuant to the Act (as further described below, the "Project"); and WHEREAS, the Project consists of the expansion and renovation of the Corporation's • existing campus located at 4015 Inglewood Avenue South in the City of Edina (the "City") including the construction of an approximately 8,600 square foot addition to the existing main school building and a 1,075 square foot addition to another,building, together with the acquisition and installation of equipment and furnishings, if any. The main building addition will provide a new lobby, a new media center which includes a library, computer lab, office and conference room, and an office suite, including a reception area, two administrative offices, a small conference room, a nursing office, a workroom and restrooms, and the addition to the other building involves a new entryway, a hallway and restrooms; and WHEREAS, the funds to provide financing for the Project would be obtained through the issuance by the Issuer of its Revenue Note (the "Note"), in a principal amount not to exceed $1,500,000, which Note is to be repaid solely and only through payments to be made by the Corporation pursuant to a loan or similar agreement to be entered into between the Issuer and the Corporation; and WHEREAS, the Note shall be a limited obligation of the Issuer, and shall not constitute nor give rise to a pecuniary liability of the Issuer or a charge against its general credit or taxing powers, and the principal of, interest and premium, if any, on the Note shall be payable solely out of the revenues derived from the loan agreement; and WHEREAS, pursuant to Section 469.154, Subd. 4, of the Act and Section 147(f) of the Internal Revenue Code of 1986, as amended, as a condition to the issuance of the Note, it is necessary to conduct a public hearing on the issuance of the Note and on the Project, and to publish notice of said public hearing in the official newspaper and a newspaper of general • circulation in the municipality not less than 14 nor more than 30 days prior to the date fixed for the hearing. NOW, THEREFORE, be it resolved by the Board of Commissioners of the Edina • Housing and Redevelopment Authority, that: 1. A public hearing shall be conducted by the Board of Commissioners on the issuance of said Note and on the Project, such hearing to be held on March 3, 2008, at 7:00 o'clock p.m. in the City Hall, at which hearing all parties who appear shall be given an opportunity to express their views with respect to the issuance of the Note and the Project. 2. Notice of such public hearing, in substantially the form attached hereto as Exhibit A, shall be published at least once not less than 14 nor more than 30 days prior to the date fixed for the hearing, in the official newspaper and a newspaper having general circulation in the City of Edina. 3. Officers of the Issuer are hereby authorized to take such further action as may be necessary to carry out the intent and purpose of this Resolution. 4. Any prior resolutions or orders adopted by the City Council, or parts thereof, in conflict herewith are, to the extent of such conflict, hereby repealed, and this Resolution shall be in full force and effect immediately upon its adoption. The motion for the adoption of the foregoing resolution was duly seconded by • Commissioner and, upon vote being taken thereon, the following voted in favor thereof: and the following voted against the same: whereupon the resolution was declared duly passed and adopted. • -2- EXHIBIT A NOTICE OF PUBLIC HEARING ON A PROJECT AND THE PROPOSED ISSUANCE BY THE EDINA HOUSING AND REDEVELOPMENT AUTHORITY OF A REVENUE NOTE TO PROVIDE FINANCING FOR THE PROJECT, IN A PRINCIPAL AMOUNT NOT TO EXCEED $1,500,000, AT THE REQUEST OF CALVIN CHRISTIAN SCHOOL OF MINNEAPOLIS NOTICE IS HEREBY GIVEN that a public hearing shall be conducted by the Board of Commissioners of the Edina Housing and Redevelopment Authority (the "Issuer"), on a proposal that it issue its Revenue Note, in a principal amount not to exceed $1,500,000 (the "Note"), and on a project (the "Project") to be financed thereby, pursuant to Minnesota Statutes, Sections 469.152 to 469.1651, as amended (the "Act"), all at the request of Calvin Christian School of Minneapolis, a Minnesota nonprofit corporation (the "Corporation"). The hearing will be held at City Hall, located at 4801 West 50th Street, Edina, Minnesota, on Monday, March 3, 2008, at 7:00 o'clock p.m. The proposed Project to be financed by the Note consists of the expansion and renovation of the Corporation's existing campus located in the City of Edina, including the construction of an approximately 8,600 square foot addition to the existing main school building and a 1,075 square foot addition to another building, and the acquisition and installation of equipment and furnishings, if any. The main building addition will provide a new lobby, a new media center which includes a library, computer lab, office and conference room, and an office suite, including a reception area, two administrative offices, a small conference room, a nursing office, a workroom and restrooms, and the addition to the other building • involves a new entryway, a hallway and restrooms. The address of the Project to be financed by the Note is 4015 Inglewood Avenue South, Edina, Minnesota. The Project is to be owned and operated by the Corporation. The proceeds of the Note will be loaned by the Issuer to the Corporation to provide financing for the Project, and the Corporation will agree to repay the loan at times and in amounts sufficient to provide for payment in full of the Note when due. At said time and place the Board of Commissioners shall give all parties who appear an opportunity to express their views with respect to the Project and the issuance of the Note. Written comments will be accepted at the principal offices of the Issuer until the time of hearing. A draft copy of the proposed Application to the Minnesota Department of Employment and Economic Development for approval of the Project, together with all attachments and exhibits thereto, shall be available for public inspection following the publication of this notice at the office of the Executive Director of the Issuer in City Hall during normal business hours, 7:30 o'clock a.m. to 4:00 o'clock p.m. on normal business days. February 14, 2008. By/s/ Gordon L. Hughes Its Executive Director • STATE OF MINNESOTA ) )ss. . COUNTY OF HENNEPIN ) I, the undersigned, being the duly qualified and acting Secretary of the Edina Housing and Redevelopment Authority (the "Issuer"), do hereby certify that attached hereto is a compared, true and correct copy of a resolution duly adopted by the Board of Commissioners of the Issuer at a regular meeting thereof duly called and held on February 4, 2008, as the same relates to the proposed issuance of a revenue note of the Issuer pursuant to Minnesota Statutes, Sections 469.152 to 469.1651, as amended, at the request of Calvin Christian School of Minneapolis, a Minnesota nonprofit corporation; that said meeting was duly and publicly held in accordance with all applicable requirements of law, and that the information set forth in the attached Extract of Minutes with respect thereto is true, complete and correct. WITNESS My hand officially as said Secretary this day of February, 2008. ecretary •