Notice of Public Hearing on Adoption of Housing Program
NOTICE OF PUBLIC HEARING ON THE ADOPTION OF A HOUSING PROGRAM AND THE ISSUANCE OF BONDS TO FINANCE A MULTIFAMILY RENTAL HOUSING FACILITY
NOTICE IS HEREBY GIVEN that the City of Worthington, Minnesota (the “City”) will conduct a public hearing on a Housing Program (the “Program”) to be adopted by the Board of Commissioners of the Housing and Redevelopment Authority of Worthington, Minnesota (the “HRA”) pursuant to Minnesota Statutes, Section 462C.04, and the issuance of housing revenue bonds or other obligations, in one or more series, pursuant to Minnesota Statutes, Sections 469.001 to 469.047, to finance multifamily rental housing facilities (the “Project”). The hearing will be held by the City Council at City Hall, 303 Ninth Street, Worthington, Minnesota 56187, at approximately 7:00 p.m. on Monday, June 9, 2014. The Project proposed to be financed under the Program consists of the acquisition, construction and equipping of an approximately 48 townhome unit multifamily housing development to be located at the southeast quadrant of the intersection of County Road 35 and County Road 5 (Read Avenue) in the City.
Under the Program, financing will be provided through the issuance of one or more housing revenue bonds or other obligations of the HRA pursuant to Minnesota Statutes, Section 469.034 in an aggregate principal amount up to $6,500,000, secured by the Project and such other security as the City and the HRA may determine to be necessary.
At said time and place, the City Council will give all parties who appear an opportunity to express their views with respect to the proposal to undertake and finance the Project pursuant to the Program.