RES 17-62CERTIFICATE
CITY OF OTSEGO
I, the undersigned being a duly qualified and acting officer of the City of Otsego,
Minnesota, hereby attest and certify that:
1. As such officer, I have the legal custody of the original record from which the
attached resolution was transcribed.
2. I have carefully compared the attached resolution with the original record of the
meeting at which the resolution was acted upon.
3. I find the attached resolution to be a true, correct and complete copy of the
original:
RESOLUTION GIVING PRELIMINARY APPROVAL TO ISSUANCE OF
REVENUE BONDS (RIVERVIEW LANDING, INC. PROJECT), SERIES 2017
4. I further certify that the affirmative vote on said resolution was 4 ayes, 0 nays,
and 1 absent/abstention.
5. Said meeting was duly held, pursuant to call and notice thereof, as required by
law, and a quorum was present.
WITNESS my hand officially as such officer this 24th day of July, 2017.
City Clerk
Resolution No. 2017-62
RESOLUTION GIVING PRELIMINARY APPROVAL TO ISSUANCE OF
REVENUE BONDS (RIVERVIEW LANDING, INC. PROJECT), SERIES 2017
BE IT RESOLVED by the City Council of the City of Otsego (the "City"), as follows:
Section 1. Recitals and Findings.
I.I. Riverview Landing, Inc., a Minnesota nonprofit corporation, has requested that
the City issue its Revenue Bonds (Riverview Landing, Inc. Project), pursuant to Minnesota
Statutes, Chapter 462C, as amended (the "Act"), in one or more series, and in aggregate principal
amount not to exceed $30,000,000 (the "Bonds"). The proceeds of the Bonds shall be loaned to
Riverview Landing, Inc., or an affiliate (the "Borrower"), to provide financing for the
acquisition, construction and equipping of a new 142 -unit senior rental housing development,
including 126 independent and assisted living apartments and 16 memory care units, all to be
located at 9200 Quantrelle Avenue Northeast in the City (the "Project" or the "Development").
The issuance of the Bonds and the financing of the Project are more fully described in the
Housing Program prepared pursuant to the Act (the "Housing Program"). The Housing Program
is currently on file in the offices of the City Administrator/Finance Director.
1.2. On the date hereof, a public hearing (the "Public Hearing") was held by the city
council of the City, with respect to the Housing Program and the issuance of the Bonds, as
required by the Act and the provisions of section 147(f) of the Internal Revenue Code of 1986, as
amended (the "Code") and regulations thereunder. The Public Hearing was held following
publication of notice thereof, not fewer than 15 days in advance of the hearing, in a newspaper of
general circulation in the area in which the Project is located. Prior to publication of the notice, a
copy of the Housing Program was on file with the City and was separately filed by the City with
the regional development commission for the area in which the City is located, if any, all to the
extent required by and as contemplated by the Act.
Section 2. Approvals and Authorizations.
2.1. The Housing Program, as currently on file in the office of the City
Administrator/Finance Director, is hereby approved.
2.2. Preliminary approval is hereby given to the issuance of the Bonds, in an aggregate
principal amount not to exceed $30,000,000; provided, however, that the details of the Bonds,
the provisions for the payment thereof, and the forms of the legal documents to be entered into
by the City in connection therewith shall be subject to final approval by the city council prior to
their issuance. The Bonds shall not constitute a charge, lien or encumbrance, legal or equitable,
upon any property of the City, except the revenues to be received from the Borrower specifically
pledged to the payment thereof, and each Bond, when, as and if issued, shall recite in substance
that such Bond, including interest thereon, is payable solely from said revenues and funds
specifically pledged to the payment thereof, and shall not constitute a debt or pecuniary liability
of the City within the meaning of any constitutional or statutory limitation.
Adopted by the City Council of the City of Otsego this 24th day of July, 2017,
Acting Mayor
Attest:
City Administrator/Finance Director
4852-1017-6323\2