95-008 - Laserfiche WebLink

Home Browse Search

AMENDED PROGRAM FOR A MULTIFAMILY HOUSING DEVELOPMENT Pursuant to Minnesota Statutes, Chapter 462C (the "Act"), the City of New Brighton (the "City") is authorized to develop and administer programs to finance the acquisition and rehabilitation of multifamily housing developments under the circumstances and within the limitations set forth in the Act. Minnesota Statutes, Section 462C. 07 provides that such programs for multifamily housing developments may be financed by revenue bonds issued by the City. The City has heretofore adopted a program to provide for the issuance of revenue bonds to finance the acquisition and rehabilitation of the hereinafter defined Project, and has issued $11,500,000 of its revenue bonds to provide such financing. The City now desires to amend its program to provide for the issuance of additional revenue bonds to finance additional rehabilitation expenses of the Project. The Program is therefore amended to provide as follows: The City has received a proposal that it approve a program providing for acquisition and rehabilitation of a 364-unit qualified residential rental project known as Polynesian Village Apartments (the "Project") located at 1201-149710th St. N.W. in the City, by Polynesian Village 1994 Limited Partnership, a limited partnership formed under the laws of the State of Minnesota (the "Developer"), the general partner of which is Polynesian Development, Inc., a Minnesota corporation. The acquisition and rehabilitation of the Project is to be funded through the issuance of up to $14,500,000 in revenue bonds to be issued by the City in more than one series (the "Bonds"). Following acquisition and rehabilitation of the Project, the Developer will own and operate the Project as a multifamily residential rental project. The Project will meet the minimum rehabilitation requirements of Sections 147 (d) and 42(e) (2) of the Internal Revenue Code of 1986, as amended (the "Code") and will be occupied by individuals or families whose incomes at the time of initial occupancy will meet the requirements of Sections 142(d) and 42(g) of the Code. It is estimated that rents for the Housing Units will range from approximately $425 per month to $575 per month. The City, in establishing this multifamily housing program (the "Amended Program") , has considered the information contained in the City's 462C Housing Plan (the "Housing Plan"). The Project will be rehabilitated in accordance with the requirements of Subdivisions 1 and 2 of Section 462C. 05 of the Act. Section A. Definitions. The following terms used in this Amended Program shall have the following meanings, respectively: "Act" shall mean Minnesota Statutes, Section 462C. 01, et seq., as currently in effect and as the same may be from time to time amended. "Bonds" shall mean the revenue bonds to be issued by the City to finance the Amended Program. "City" shall mean the City of New Brighton, Minnesota. "Developer" shall mean Polynesian Village 1994 Limited Partnership, a limited partnership formed under the laws of the State of Minnesota.r SNG81715 NE136-123 1