Item Description:
title
Consent to the issuance of bonds by the City of Oakdale, MN to refund HRA Series 2015 Bonds for Ebenezer Assisted Living at 3451 Parklawn Avenue in Edina
end
Resolution:
body
WHEREAS, the Hennepin County Housing and Redevelopment Authority (the "HRA") is a housing and redevelopment authority and a public body corporate and politic duly organized and existing under the Constitution and laws of the State of Minnesota; and
WHEREAS, Minnesota Statutes, Chapters 462A and 462C, as amended (collectively, the "Act"), gives municipalities the power to issue revenue obligations for the purpose of financing or refinancing the cost of housing for the elderly and disabled and to enter into agreements necessary or convenient in the exercise of powers granted by the Act; and
WHEREAS, Ebenezer York Assisted Living, LLC, a Delaware limited liability company, whose sole member is Ebenezer Society, a Minnesota nonprofit corporation and an organization described in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended ("Ebenezer York Assisted Living"), and Oak Meadows, a Minnesota nonprofit corporation and an organization described in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended ("Oak Meadows" and, together with Ebenezer York Assisted Living, the "Borrowers"), have proposed that the City of Oakdale ("Oakdale") issue bonds to refund the HRA's outstanding Senior Housing Refunding Revenue Note (Ebenezer York Assisted Living, LLC), Series 2015 (the "Series 2015 Note") which refinanced a senior living, assisted living and memory care facility located at 3451 Parklawn Avenue in Edina, Minnesota (the "York Gardens Facility") and simultaneously refinance an outstanding loan which funded the acquisition, construction and equipping of a senior living, assisted living and memory care facility located at 8131 Fourth Street North, Oakdale, Minnesota (the "Oak Meadows Facility").
BE IT RESOLVED, that the Board of the HRA approves...
Click here for full text