1g Centennial Hills Apts. Bonds0-3
CITYOF
CHANHASSEN
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MEMORANDUM
TO:
FROM:
DATE:
Mayor & City Council
Todd Gerhardt, City Manager
July 8, 2004
SUB J:
Call for a Public Hearing Regarding the Centennial Hills
Apartments Refunding Bonds and Consider Pledging the Full
Faith and Credit of the City to Those Bonds
Staff is requesting that the City Council call for a public hearing on Monday,
August 9, 2004 at 7:00 p.m. to consider the issuance of bonds by the Carver
County Housing & Redevelopment Authority for refunding the Centennial Hills
Apartment project. The bonds will be issued in an aggregate amount not to
exceed $5 million and the city will consider pledging its full faith and credit to
these bonds following the hearing.
RECOMMENDATION
Staff recommends approval of the attached resolution establishing August 9,
2004 at 7:00 p.m. as the public hearing date.
ATTACHMENT
1. Resolution and Public Hearing Notice
The City ofChanhassen · : , '
CITY OF CHANHASSEN, MINNESOTA
Resolution No.
Establishing the date for a public hearing regarding the issuance of the Carver
County Housing and Redevelopment Authority's Housing Development
Refunding Bonds (City of Chanhassen, Minnesota Unlimited Tax General
Obligation - Chanhassen Apartments Project) Series 2004
WHEREAS, pursuant to Minnesota Statutes, Sections 469.001 through 469.047 (the "Act"), and
particularly Section 469.034, the Carver County Housing and Redevelopment Authority (the "HRA") has
previously issued its Housing and Development Gross Revenue and Limited Tax Bonds (Chanhassen
Apartments Project) Series 1995A and its Housing and Development Revenue Bonds (City of
Chanhassen, Minnesota Unlimited Tax General Obligation - Chanhassen Apartments Project) Series
1995B (together, the "Prior Bonds"); and
WHEREAS, in order to refund the Prior Bonds, the HRA proposes to issue its Housing
Development Refunding Bonds (City of Chanhassen, Minnesota Unlimited Tax General Obligation -
Chanhassen Apartments Project), Series 2004 (the "Bonds"), in an aggregate principal amount not
exceeding $5,000,000, and to pledge the full faith and credit of the City of Chanhassen (the "City") thereto;
and
WHEREAS, pursuant to Minnesota Statutes, Section 469.034, Subd. 2, the HRA and the City are
required to hold public hearings regarding the issuance at least 15 days prior to the sale of the Bonds;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
CHANHASSEN, MINNESOTA, as follows:
1. That the City will hold a public hearing regarding the issuance of the Bonds by the HRA on
August 9, 2004 at or after 7:00 p.m. at the City's offices at 7700 Market Blvd, PO Box 147 in Chanhassen,
Minnesota.
2. That the City Manager is hereby authorized and directed to cause notice of such public
hearing in substantially the form attached hereto to be published in a newspaper of general circulation in the
City not fewer than fifteen (15) days prior to such hearing.
Adopted this 12~ day of July, 2004.
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NOTICE OF PUBLIC HEARING REGARDING THE ISSUANCE BY THE CARVER COUNTY
HOUSING AND REDEVELOPMENT AUTHORITY OF ITS HOUSING DEVELOPMENT
REFUNDING BONDS AND THE PLEDGE OF THE FULL FAITH AND CREDIT OF THE CITY
OF CHANHASSEN THERETO
NOTICE IS HEREBY GWEN that the City Council of the City of Chanhassen, Minnesota (the
"City") will meet on Monday, August 9, 2004, at or after 7:00 p.m. at the City's offices at 7700 Market
Boulevard in Chanhassen, Minnesota, for the purpose of conducting a public hearing regarding the
issuance of by the Carver County Housing and Redevelopment Authority (the "HRA") of the HRA's
Housing Development Refunding Bonds (City of Chanhassen, Minnesota Unlimited Tax General
Obligation - Chanhassen Apartments Project), Series 2004 (the "Bonds"), in an aggregate principal amount
not exceeding $5,000,000, and the pledge the full faith and credit of the City thereto. The Bonds are being
issued to refund certain prior bonds, the proceeds of which were used to construct a senior housing facility
in the City which is owned by the HRA. The hearing is being held in accordance with Minnesota Statues,
Section 469.034, Subd. 2.
The Bonds will be revenue obligations of the HRA and the principal and interest thereon is
expected to be paid from the revenues and proceeds pledged to the payment thereof. The Bonds will be
additionally secured by a pledge of the full faith and credit of the City.
All persons interested may appear and be heard at the time and place set forth above.
[Date of Publication]
BY ORDER OF THE CITY COUNCIL OF THE CITY
OF CHANHASSEN, MINNESOTA
By/s/ Todd Gerhardt
City Manager
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