Title
Resolution approving the issuance by the City of Brooklyn Center of conduit Multifamily Senior Housing Revenue Bonds on behalf of Brooklyn Center AH II, LLLP using, in part, recycled bonding authority from the Pioneer Press Building Project, 345 Cedar Street, District 17, Ward 2
Body
RECITALS
(a) Minnesota Statutes, Chapter 462C (the “Act”) confers upon cities the power to issue revenue bonds to finance or refinance 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 or under a joint powers agreement with the jurisdiction in which the development is located and pursuant to Minnesota Statutes, Section 471.59, as amended. By the terms of a joint powers agreement entered into through action of their governing bodies, two cities may jointly or cooperatively exercise any power common to the contracting parties or any similar powers, including those which are the same except for the territorial limits within which they may be exercised; and
(b) Brooklyn Center AH II, LLLP, a Minnesota limited liability limited partnership (or an affiliated entity, the “Borrower”), desires to finance the acquisition, construction, and equipping of an approximately 143-unit senior rental housing facility and related amenities to be located on the northern portion of the property at 5801 Xerxes Avenue North in the City of Brooklyn Center (the “Project”); and
(c) The Borrower will be the initial owner and operator of the Project; and
(d) In order to better leverage public funding by recycling bonding authority as permitted by Section 146(i)(6) of the Internal Revenue Code of 1986, as amended (the “Code”), the Borrower has proposed that the City of Brooklyn Center, Minnesota (the “Issuer”) undertake a housing finance program (the “Housing Program”) to finance the Proje...
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