Pioneer Press - Twin Cities, NOTICE OF PUBLIC HEARING ON A HOUSING PROGRAM FOR A MULTIFAMILY HOUSING PROJECT (LONNIE ADKINS COURT APARTMENTS PROJECT) NOTICE IS HEREBY GIVEN that the City Council of the City of Saint Paul, Minnesota (the "City") will meet on Wednesday, July 1, 2015 at 5:30 p.m. in the City Council Chambers in the City Hall at 15 West Kellogg Boulevard in the City for the purpose of conducting a public hearing on (i) a proposal of St. Paul Leased Housing Associates VII, LLLP, a Minnesota limited liability limited partnership (the "Borrower") that the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the "HRA"), assist in financing a multifamily housing development described below, pursuant to Minnesota Statutes, Chapter 462C, by the issuance of revenue bonds or notes (the "Obligations"), and (ii) the adoption of a housing program for such Obligations. The proceeds of such Obligations will be applied to (i) finance the acquisition and renovation of an existing 77 unit multifamily housing development into 77-79 units consisting for two 3-story buildings and three 2-story buildings located at 383 Western Avenue, 389 and 403 St. Anthony Avenue, 417 St. Anthony Avenue, 370-384 Arundel Street, 398-408 Central Avenue and 420-434 Central Avenue in the City of Saint Paul, Minnesota (the "City"); (ii) pay costs of issuance and other costs related to the issuance of the Obligations; and (iii) fund capitalized interest and certain reserves (collectively, the "Project"). The Project will be owned and operated by the Borrower. The estimated maximum aggregate principal amount of Obligations to be issued to finance the Project is $6,800,000. The Obligations if and when issued will not constitute a charge, lien or encumbrance upon any property of the City or the HRA, and will be payable solely from revenues of the project, and will not be backed by the full faith and credit of the City or the HRA but will be payable solely from sums paid by the Borrower pursuant to a revenue agreement. A copy of the housing program will be on file with the office of the HRA, City Hall Annex, 13th Floor, 25 West Fourth Street, St. Paul, MN 55102, Monday through Friday commencing June 15, 2015, until the date of the Public Hearing. At the time and place fixed for the Public Hearing, the City Council will give all persons who appear or submit comments in writing to the City Council prior to the hearing, an opportunity to express their views with respect to the proposal. In addition, interested persons may file written comments respecting the proposal with the Department of Planning and Economic Development, to the attention of Joe Musolf at 651-266-6594, at or prior to said public hearing.
↧
