NOTICE OF PUBLIC HEARING ON A PROPOSAL FOR A HOUSING FINANCE PROGRAM AND THE ISSUANCE OF MULTIFAMILY HOUSING REVENUE BONDS TO FINANCE A MULTIFAMILY HOUSING DEVELOPMENT
Notice is hereby given that the City Council of the City of Fridley, Minnesota (the "City"), will meet in the City Council Chambers of City Hall, 7071 University Avenue NE, in the City of Fridley, at 7:00 p.m. on Monday, November 23, 2020, to consider a housing finance program of the City and the proposal of Fridley City Apartments Limited Partnership, a Minnesota limited partnership (the "Borrower"), with Fridley Apartments GP LLC, a Minnesota limited liability company, as general partner, that the project described below be assisted by the issuance of housing revenue bonds under Minnesota Statutes, Chapter 462C (the "Bonds").
The "Project" consists of the acquisition and construction of an approximately 72-unit multifamily housing development to be known as Fridley Station Village–Ursa located immediately to the east of Fridley Station, 6050 Main Street, in the City. The Project will be owned and operated by the Borrower. The Project consists of approximately the following units:
14 – 1–bedroom/1 bath
39 – 2-bedroom/2 bath
19 – 3-bedroom/3 bath
The maximum aggregate estimated principal amount of the Bonds or other obligations to be issued in one or more series to finance the Project pursuant to the housing finance program will not exceed $11,000,000.
Subsequent to approval of a housing finance program, the City may issue revenue obligations to finance the housing finance program. 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 City's general credit or taxing powers but are payable from sums to be paid by the Borrower pursuant to a revenue agreement.
A draft copy of the housing finance program is available for inspection at City Hall during normal business hours.
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 housing finance program and proposal. Written comments will be considered if submitted at the above City office on or before the date of the hearing.
BY ORDER OF THE CITY COUNCIL OF THE CITY OF FRIDLEY, MINNESOTA
By Walter T. Wysopal, City Manager
Posted: November 4, 2020