HomeMy WebLinkAboutCity Council Resolution 1994-243•
CITY OF PLYMOUTH
RESOLUTION 94-243
CONSENTING • THE ISSUANCE OF HEALTH FACRXrlW DEVELOPM11NT
REVENUE BONDS BY THE CITY OF MINNEAPOLIS TO FINANCE THE
COWUNITY HOME PROGRAM PROJECT
WHBREAS, pursuant to Section 469.152 through 469.1651., Minnesota Statutes (the "Acts),
as amended, municipalities are authorized to issue industrial development revenue bonds for
the purpose of pmvxft financial for the acquisition, coosmk-tion and installation of a project
consisting of real and personal properties used or useful in connection with a revenue
Proghmioi 0°mPrim eapSed in Providfx health caro services; and,
WI;BRBAS, in enacting the Act the Legislature found that the welfare of the State of
Minnesota requires the active, promotion, attention, encouragement and development of
economically sound and commerce to prevent, as fir as possible, the emergence of blight and
other areas of chronic unemployment and to prevent economic deterioration; and,
WHEREAS, The Community Home Program, a Minnesota noopno corporation (the
"Borrower•) has proposed to acquire land located in the City of Plymouth at the northeast
corner of Fernbrook Lane and County Road 9 and in fire to seven other cities within Hennepin
County and to construct thereon handicapped accessible adult foster caro facilities of 32 units
at eight location (cite "Projects); art,
WHEREAS, in order to Was advsm p of economies of scale and to reduce costs of issuamoe,
the Borrower hu made arrangements with the City of Minneapolis to issue its Health Can
Development Revenue Bonds (the "Bonds") for the purpose of financing the facilitles located
in the City of Minneapolis and in other municipalities including the facilities to be located in
the City of Plymouth; sad,
WHEREAS, the City of Minneapolis has determined that the undertaking of the Project and
the Issuance of the Bonds to finance the course thereof will fhrther promota the public
purposes and legislative objectives of the Act by encouraging the location and retention of
revenue producing emteMdoes within the City and surrounding municipalities by providing
health are facilities for those affected by certain neurological ooaditioa including traumatic
brain injury, Multiple Sclerosis, Muscular Dystrophy, Cerebral Palsy, Huntington's Disease
and Alzheimer's Disease. The Project will also provide additional employment opportunities
for residents of the City and surrounding municipalities and stimutltte the development tad
redevelopment of marginal lands within the City and surrounding municipalities.
NOW, 'I OREFORE, BE IT HERSBY RESOLVED BY THE CITY OF PLYMOUTH,
MTNNBSOTA as follows:
1. The City hereby coneents to iuu.noe of the Bonds by the city of it WOMPolis to
P0000e the Project, particularly the facilhim to be located in Plymouth.
2. 7U Bonds doll not be deemed issued on behalf of the City of Plymouth end
w=dWy the City of Minneapolis doll be solely respouibie for the isaeooe of the
Boody ad may tee act action u they may deem appropriate for such purpose.
Adopted by tee City Council on April 18, 1994.