Res 1985 - 74 Calling for a Public Hearing on a Proposed Multi-Family Rental Program & the Issuance by the City of its Multi-Family Housing Revenue Bonds in an Aggregate Amount of Up to $10,000,000RESOLUTION NO. 85-74
RESOLUTION CALLING FOR A PUBLIC HEARING ON A
PROPOSED MULTI -FAMILY RENTAL PROGRAM AND THE
ISSUANCE BY THE CITY OF ITS MULTI -FAMILY HOUS-
ING REVENUE BONDS IN AN AGGREGATE AMOUNT OF UP
TO $10,000,000
WHEREAS, the City Council of the City of Mendota
Heights, Minnesota (the "City") has received a proposal that
it issue its revenue bonds to finance the acquisition and
construction of a proposed multi -family rental housing proj-
ect within the City by MH IV, a Minnesota partnership to be
formed of which Mendota Heights Associates, a Minnesota
general partnership will be a general partner or another
partnership of which Mendota Heights Associates will be a
general partner; and
WHEREAS, Minnesota Statutes, Chapter 462C, requires that
the City approve and the Metropolitan Council and the Minne-
sota Housing Finance Agency review a housing program of the
City's Housing Plan with respect to the issuance of any
revenue bonds of the City for the financing of multi -family
rental housing; and
WHEREAS, there has been prepared and submitted to the
City for review, a "Program for Multi -family Housing Devel-
opment Under Chapter 462C - MH IV Apartments Project" (the
"Program") with respect to the proposed project;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
THE CITY OF MENDOTA HEIGHTS, MINNESOTA, AS FOLLOWS:
Section 1. Public Hearing. The Council shall meet on
Tuesday, October 15, 1985, at 7:30 p.m., to hold a public
hearing on the adoption of the Program and on the issuance
by the City of its Multi -family Housing Revenue Bonds (MH IV
Apartments Project) in an aggregate principal amount up to
$10,000,000 to finance the acquisition, construction and
installation of an approximately 148 unit multi -family
rental project in the City in accordance with the Program.
Section 2. Notice of Public Hearing; Filing of Plans.
The City Clerk is authorized and directed to cause notice of
the hearing, substantially in the form attached hereto as
Exhibit A, to be given as required by law.
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Adopted by the City Council of the City of Mendota
Heights on this 11 day of September, 1985.
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ATTEST: Mayor
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City Clerk
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