01-062 RESTHE CITY OF ELK RIVER, MINNESOTA
RESOLUTION NO?1-62.
AUTHORIZINO THE EXECUTION AND DELIVERY OF A JOINT poWERs
AGREEMENT WITH THE HENNEPIN COUNTY HOUSINO AND
REDEVELOPMENT AUTHORITY TO FINANCE A PROJECT FOR
OPPORTUNITY PARTNERS
WHEREAS, the Hennepin County Housing and Redevelopment Authority ("the
Hennepin County HRA") has advised the City of Elk River, Minnesota (the "City") that
Opportunity Partners, a Minnesota nonprofit corporation (the "Borrower"), has requested that the
Hennepin County HRA issue its tax-exempt revenue bonds and loan the proceeds of such bonds
to the Borrower, thereby permitting the Borrower to refinance, on a tax-exempt basis, its
outstanding indebtedness incurred in connection with the acquisition of certain residential
treatment and workplace facilities owned and operated by the Borrower, including two group
treatment residences that are located within the territorial boundaries of the City (the "Project");
WHEREAS, the City Council of the City conducted a public hearing on the date
hereof on the proposed financing; and at such public hearing all parties who appeared or who
submitted written comments were given an opportunity to express their views with respect to the
proposal; and
WHEREAS, a proposed Joint Powers Agreement between the Hennepin County
HRA and the City respecting this proposed financing has been submitted for the City Council's
consideration;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF ELK RIVER, MINNESOTA that the Joint Powers Agreement in substantially the form
submitted to the City at this meeting is hereby approved, and its execution and delivery in the
name and on behalf of the City by the Mayor and the City Administrator are hereby approved.
BE IT FURTHER RESOLVED, that, solely for purposes of Section 147(f) of the
Internal Revenue Code of 1986, as amended, the City hereby gives host approval of the issuance
of said revenue bonds to finance the Project.
PASSED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF ELK
RIVER, MINNESOTA, THIS l0th DAY OF SEPTEMBER, 2001.
(Seal of the City of
Elk River, Minnesota)
:pha~tie A. 'nzing,
~andra A. Peine, City Clerk
M1:774413.01