HomeMy WebLinkAboutResolution 4659 / ' n
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CITY OF ORONO
� ' . HENNEPIN COUNTY
STATE OF MINNESOTA
Council member Flint � introduced the following resolution and moved .
its adoption:
RESOLUTION NO. a 6 5 9 .
RESOLUTION APPROVIlVG HOUSING PROGRAM AND
STATING INTENT TO ISSUE HOUSING REVENUE BONDS
BE IT RESOLVED by the City Council (the"Council") of the City of Orono, .
Minnesota(the "City"), as follows:
1. On May 14, 2001 this Council held public hearings on a Program for �
the Financing of a Multifamily Rental Housing Development for Seniors (the
"Housing Program") and on the issuance of up to $9 million of housing revenue
bonds (the "Housing Bonds")pursuant to Minnesota Statutes, Chapter 462C to
finance the Program. The Program provides for acquisition of land and construction
of 62 units of multifamily housing for seniors to be located at Brown Road and
VYayzata Boulevard and to be owned by Wedum Foundation or Orono Senior
Housing, LLC. �
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2. The Program is hereby approved.
3.� The issuance of the Bonds given preliminary approval. The City
intends to issue the Bonds subject to negotiation and consideration of the terms
thereof and related documents. City staff, the City Attorney and bond counsel aze
authorized to negotiate and prepare appropriate documents relating to the Bonds for
consideration by this Council.
The motion for the adoption of the foregoing resolution was seconded by
Council member whitP , and upon a vote being taken thereon
the following voted in favor thereof:
Mayor Peterson
� Council Member Nygard �
Council Memtier Sarisever'e �
and the following voted against the same: � �
None
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� 4659
. Dated: May 29, 2001
� ATTEST: �
"-��- "Mayor Barbara Peterson Cg�nA�,�,. Moorse
uustrator
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Linda S. Vee
City Clerk
M1:750269.01 • �
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