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HomeMy WebLinkAboutResolution No. 2022-30 Accepting Bond FinancingRESOLUTION NO. 2022-30 GRANTING APPROVAL TO HENNEPIN COUNTY HOUSING AND REDEVELOPMENT AUTHORITY TO UNDERTAKE A HOUSING OR REDEVELOPMENT PROJECT PURSUANT TO MINNESOTA STATUTES, SECTION 383B.77, AS AMENDED WHEREAS, at the request of 4040 West 70th Street Apartments, LP, a Minnesota limited partnership (together with its affiliates or assigns, the “Borrower”), the Hennepin County Housing and Redevelopment Authority (the “Issuer”) is proposing to issue one or more series of taxable or tax-exempt multifamily housing revenue bonds or other obligations (the “Bonds”) and apply the proceeds derived from the sale of the Bonds to make a loan (the “Loan”) to the Borrower; and WHEREAS, the Borrower has represented that it intends to apply the proceeds of the Loan to finance the acquisition, construction, and equipping of an approximately 118-unit affordable senior rental housing facility and related amenities, to be known as known as Cornelia View (the “Project”) and located at 4040 West 70th Street in the City of Edina, Minnesota (the “City”); and WHEREAS, the Issuer has represented to the City that on May 11, 2021, the Board of Commissioners of the Issuer (the “Board”) adopted a resolution granting preliminary approval to the issuance of the Bonds, in an aggregate principal amount not to exceed $18,000,000, and directing a public hearing be held on a housing program and the proposed issuance of the Bonds thereunder to provide financing for the Project, and approving the submission of an application to the State of Minnesota Department of Management and Budget (“MMB”) for an allocation of bonding authority under Minnesota Statutes, Chapter 474A, as amended; and WHEREAS, the Issuer has represented that it submitted an application for an allocation of bonding authority to MMB, and on January 11, 2022 received Certificate of Allocation No. 421 from MMB allocating bonding authority of the State of Minnesota to the Issuer in the amount of $16,700,000, pursuant to Chapter 474A; and WHEREAS, the Issuer has represented to the City that on March 15, 2022, the Board of the Issuer held a public hearing on the proposed issuance of the Bonds to provide financing for the Project; and WHEREAS, the Issuer has requested that the City approve the Project pursuant to Minnesota Statutes, Section 383B.77, as amended; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF EDINA AS FOLLOWS: 1.The Issuer’s work or undertakings to assist the Project within the meaning of Minnesota Statutes, Section 383B.77, subdivision 3 is hereby approved. 2.The Bonds to be issued by the Issuer to finance the Project will not constitute a general or moral obligation of the City, or be secured by any taxing power of the City. 3.The City Manager and other officers of the City are authorized and directed to furnish to Kennedy & Graven, Chartered, in its capacity as bond counsel to the Issuer with respect to the Project (“Bond Counsel”), certified copies of all proceedings and records of the City relating to this resolution and such other affidavits, certificates, and other documents as may be required by Bond Counsel, and all such certificates, affidavits, and other documents, including any heretofore furnished, shall constitute representations of the City as to the truth of all statements contained therein. 4.Any and all costs incurred by the City in connection with the financing of the Project will be paid by the Borrower. It is understood and agreed by the Borrower that the Borrower shall indemnify the City against all liabilities, losses, damages, costs, and expenses (including attorneys’ fees and expenses incurred by the City) arising with respect to the Project or the Bonds. PASSED AND ADOPTED this 22nd day of March, 2022 by the City Council of the City of Edina, Minnesota Attest: Sharon Allison, City Clerk James B. Hovland, Mayor STATE OF MINNESOTA ) COUNTY OF HENNEPIN) SS CITY OF EDINA ) CERTIFICATE OF CITY CLERK I, the undersigned duly appointed and acting City Clerk for the City of Edina do hereby certify that the attached and foregoing Resolution was duly adopted by the Edina City Council at its Regular Meeting of March 22, 2022, and as recorded in the Minutes of said Regular Meeting. WITNESS my hand and seal of said City this _______ day of ___________________, 2022.