Res 2013- 33 Calling Public Hearing Rev Bonds Lexington Heights Apt ProjCITY OF MENDOTA HEIGHTS
DAKOTA COUNTY, MINNESOTA
RESOLUTION 2013 -33
RESOLUTION CALLING FOR A PUBLIC HEARING ON
THE ISSUANCE OF REVENUE REFUNDING BONDS AND
AUTHORIZING THE PUBLICATION OF A NOTICE OF HEARING
(LEXINGTON HEIGHTS APARTMENTS PROJECT)
WHEREAS, Minnesota Statutes, Chapter 462C (the "Act ") confers upon cities the power to
issue revenue bonds to finance a program for the purposes of planning, administering, making or
purchasing loans with respect to one or more multifamily housing developments within the
boundaries of the city; and
WHEREAS, the City of Mendota Heights, Minnesota (the "City ") has received from Riley
Family Lexington Heights, LLLP, f /k/a Lexington Heights Associates Limited Partnership, a
Minnesota limited liability limited partnership (the "Borrower "), a proposal that the City undertake a
program to assist in refinancing a Project hereinafter described, through the issuance of revenue
bonds or obligations (in one or more series) (the "Bonds ") pursuant to the Act; and
WHEREAS, before proceeding with consideration of the request of the Borrower it is necessary
for the City to hold a public hearing on the proposal pursuant to the Act:
NOW, THEREFORE, BE IT RESOLVED by the City Council of Mendota Heights,
Minnesota, as follows:
1. A public hearing on the proposal of the Borrower will be held at the time and place set forth
in the form of Notice of Public Hearing attached hereto as Exhibit A. The general nature of the
Project and an estimate of the aggregate principal amount of revenue bonds or other obligations to be
issued to finance the proposal are described in the Notice of Public Hearing.
2. The Administrator of the City is hereby authorized and directed to cause notice of the hearing
to be given one publication in the official newspaper of the City and a newspaper of general
circulation available in the City of Mendota Heights, not less than 15 days nor more than 30 days
prior to the date fixed for the hearing, substantially in the form of the attached Notice of Public
Hearing.
Adopted by the City Council of the City of Mendota Heights this seventh day of May, 2013.
ATTEST
orri Smith, City Clerk
CITY COUN IL
IT OF/NDOTA HE .GHTS
San i ra Krebsbach, M. or
Resolution 2013 -33
EXHIBIT A
NOTICE OF PUBLIC HEARING ON THE ISSUANCE
OF MULTIFAMILY HOUSING REVENUE REFUNDING OBLIGATIONS
TO REFINANCE A PROJECT BY RILEY FAMILY LEXINGTON HEIGHTS, LLLP
Notice is hereby given that the City Council of the City of Mendota Heights, Minnesota (the
"City "), will meet in the City Council Chambers at the City Hall located at 1101 Victoria Curve, in the
City of Mendota Heights, Minnesota, at 7:00 p.m. on Tuesday, June 4, 2013, to consider the proposal
of Riley Family Lexington Heights, LLLP, f /k/a Lexington Heights Associates Limited Partnership, a
Minnesota limited liability limited partnership (the "Borrower "), that the City refinance the project
hereinafter described, pursuant to Minnesota Statutes, Chapter 462C, by the issuance of revenue
obligations.
The project consists of refinancing the outstanding principal amount of the City's $9,100,000
Multifamily Housing Revenue Refunding Bonds (Lexington Heights Apartments Project) Series
1991A and $1,870,000 Multifamily Housing Revenue Refunding Bonds (Lexington Heights
Apartments Project) Series 1991B, the proceeds of which were used, in part, to refinance a
multifamily housing development consisting of 225 multifamily rental units located at 2300 South
Lexington within the City (the "Project "), which is owned and operated by the Borrower.
The maximum aggregate estimated principal amount of the bonds or other obligations to be
issued, in one or more series, by the City to refinance the Project will be $11,000,000.
The bonds or other obligations, as and when issued, will not constitute a charge, lien, or
encumbrance upon any property of the City, except the Project and the revenues to be derived from the
Project. Such bonds or obligations will not be a charge against the general credit or taxing powers of
the City, but will be payable from sums to be paid by the Borrower pursuant to a revenue agreement.
At the time and place fixed for the public hearing, the City Council of the City will give all
persons who appear at the hearing an opportunity to express their views with respect to the refinancing
of the Project. Written comments will be considered if submitted to the City Administrator on or
before the date of the hearing.
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