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Red Wing PHN 121117 RCIL housing request

Wednesday, November 29, 2017 - 11:50pm

NOTICE OF PUBLIC HEARING ON A
PROPOSAL FOR HOST APPROVAL OF THE ISSUANCE OF ACCESSIBLE HOUSING FACILITIES REVENUE NOTE
(COOPERIDGE-WAPASA APARTMENTS PROJECTS)
Notice is hereby given that the City Council of the City of Red Wing, Minnesota (the "City"), will meet in City Council chambers at the Red Wing City Hall, 315 W 4th Street, in the City, at 6:00 p.m. on Monday, December 11, 2017, to consider giving host approval to the issuance by the City of Goodview, Minnesota (the "Issuer") of revenue obligations, in one or more series, under Minnesota Statutes, Chapter 462C (the "Act"), in order to finance the cost of a project, a portion of which is located in the City, pursuant to a housing program (the "Housing Program") under Minnesota Statutes, Chapter 462C and a joint powers agreement with the Issuer and the City of Winona, Minnesota.
RCIL-Southeastern Minnesota Barrier Free Housing Corporation, a Minnesota nonprofit corporation and 501(c)(3) organization (the "Borrower"), proposes to finance a Project consisting of the refinancing of existing debt for capital expenditures for and financing the costs of renovations to two 14-unit multifamily housing facilities accessible and affordable to the elderly and the disabled, which are located at 1790 West Broadway Street, in the City of Winona, Minnesota and known as the Wapasa Apartments, and 201 East 7th Street, in the City and known as the Cooperidge Apartments (the "Project"). The Project will be owned and operated by the Borrower.
The total maximum aggregate estimated principal amount of bonds or other obligations to be issued by the Issuer is $1,400,000.
The obligations, as and when issued, will not constitute a charge, lien, or encumbrance upon any property of the City, the City of Winona, or the Issuer, 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, the City of Winona's, or the Issuer's general credit or taxing powers but are payable solely from sums to be paid by the Borrower pursuant to a revenue agreement.
A draft copy of the proposed Housing Program is available for inspection during business hours, Monday through Friday, at City Hall.
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 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 RED WING, MINNESOTA
By Terri Swanson
Its City Clerk
11/22/2017


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