05/29/2024
bloomington politics

From: https://www.bloomingtonmn.gov/fin/news/notice-public-hearing-proposal-approval-conduit-revenue-obligations-city-mounds-view-2023

NOTICE IS HEREBY GIVEN that the City Council of the City of Bloomington, Minnesota (the “City”) will hold a public hearing on Monday, October 16, 2023, at or after 6:30 p.m. in Bloomington Civic Plaza’s Council Chambers, 1800 West Old Shakopee Road in the City, on (a) a proposal by SRPB Strategic Housing, LLC, a Minnesota limited liability company, or a related entity, affiliate, successor, or assign (collectively, the “Borrower”), that the City of Mounds View, Minnesota (the “Issuer”) issue one or more series of taxable or tax-exempt conduit housing revenue bonds or other obligations (the “Obligations”) in an estimated principal amount not to exceed $18,000,000, using, in part, recycled bonding authority in the estimated principal amount of $5,000,000 from conduit housing revenue obligations previously issued by the City as permitted by Section 146(i)(6) of the Internal Revenue Code of 1986, as amended, to finance the Project defined and described below pursuant to Minnesota Statutes, Chapters 462C and 474A; and (b) a joint powers agreement between the Issuer and the City pursuant to Minnesota Statutes, Sections 471.59 and 471.656, as amended.

The proceeds of the Obligations are proposed to be loaned by the Issuer to the Borrower to finance all or a portion of (a) the costs of the acquisition, renovation, construction and equipping of an existing 90‑unit apartment community, related amenities and underground parking all located at 200 Wilkin Street, Saint Paul, Minnesota (the “Project”); (b) capitalized interest during the construction of the Project; (c) certain required reserves; and (d) the costs of issuance of the Obligations.  The Project will be owned by the Borrower. 

The Obligations, if and when issued, will be special, limited revenue obligations of the Issuer payable solely from the revenues expressly pledged to the payment thereof, and will not constitute a charge, lien or encumbrance upon any property of the City or the Issuer, except the Project and the revenues to be derived from the Project.  Such Obligations will not be a charge against the City’s or the Issuer’s general credit or taxing powers and will not constitute a general or moral obligation of the City or the Issuer, but will be payable from sums to be paid by the Borrower pursuant to a loan or revenue agreement.

A copy of the housing program prepared by the Issuer will be on file with the Chief Financial Officer of the City. 

At the time and place fixed for the public hearing, the City Council 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 to the Chief Financial Officer at Bloomington Civic Plaza, 1800 West Old Shakopee Road, Bloomington, Minnesota 55431, on or before the date of the public hearing.

How you can participate 

This meeting will be held in the Council Chambers at Bloomington Civic Plaza. Some members of the City Council, testifiers, and presenters may participate electronically as permitted by Minnesota Statutes. Members of the public may attend in person or electronically. Directions are provided below. 

To watch the meeting

  • Attend in person
  • Watch BTV (Comcast channels 859 or 14)
  • Watch online at blm.mn/btv-live or on the City’s YouTube channel at blm.mn/youtube.

To provide public comment

  • Attend in person; or
  • Speak by phone during a public hearing by dialing 1-415-655-0001.  Enter access code TBA # and password 101623 #. Press *3 to “raise your hand” to indicate a desire to speak; your line will remain muted until it is your turn. When it is your turn to speak, the Council Secretary will call on you by the first six digits of your phone number and will unmute your line. Listen for notification that your line has been unmuted before speaking.
  • Offer testimony in advance of the meeting by leaving a voicemail at 952-563-4695 or emailing councilsecretary@bloomingtonmn.gov no later than 2 p.m. on the meeting date. Include the item number and title listed on the agenda. Include your name, phone number, and address when leaving a voicemail or email. Please indicate if you also plan to attend in person or call in during the meeting to provide live testimony.

Meeting agenda and documents are available at blm.mn/meetings.

Further information

A copy of the housing program prepared by the Issuer will be on file with the Chief Financial Officer of the City.  For more information or to submit comments prior to the public hearing, contact the Finance Department at 652-563-4928 or Finance@BloomingtonMN.gov.