Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Housing Bonds topic
No spam. Unsubscribe anytime.
St. James council approves up to $1.2 million in housing bonds to fund four rental units
Summary
The St. James City Council on July 16 approved Resolution 07-24-06 authorizing the St. James EDA to issue up to $1.2 million in General Obligation Housing Development Bonds (Series 2024A) to support construction of four rental housing units; the vote was 4-0.
The St. James City Council voted on July 16 to authorize issuance of General Obligation Housing Development Bonds of up to $1,200,000 to finance the construction of four new rental housing units.
Shannon Sweeney of David Drown Associates, Inc. presented the proposal during a public hearing, explaining that the St. James Economic Development Authority is pursuing the project and intends to issue housing revenue bonds backed by a general obligation pledge of the city — meaning the city could levy taxes if revenues were insufficient. Sweeney cited Minnesota Statute 469.034 Subd. 2 as the statutory authorization for issuing housing revenue bonds with a general obligation pledge and summarized the procedural requirements to complete the financing.
Councilperson Paul Harris introduced RESOLUTION 07-24-06, titled “APPROVING THE HOUSING FINANCE PROGRAM AND THE ISSUANCE AND SALE BY THE ST. JAMES ECONOMIC DEVELOPMENT AUTHORITY OF ITS GENERAL OBLIGATION HOUSING DEVELOPMENT BONDS, SERIES 2024A (CITY OF ST. JAMES, MINNESOTA, GENERAL OBLIGATION) IN AN AMOUNT NOT TO EXCEED $1,200,000 BACKED BY THE FULL FAITH AND CREDIT OF THE CITY OF ST. JAMES, MINNESOTA,” and Councilperson Sue Craig seconded the motion. The motion passed by hand vote with ayes recorded for Councilpersons Paul Harris, Sue Craig, Gene Hildebrandt and Kathleen Hanson; no nays were recorded. Mayor Jonathan Wilson declared the resolution passed 4-0.
The minutes record the purpose (construction of four additional rental units), the maximum principal amount ($1,200,000), and the credit pledge (city full faith and credit/tax-levy pledge). Details not stated in the minutes include the exact repayment terms, interest rate, bond maturity schedule, whether bond proceeds will fund land acquisition or construction only, and whether any developer or investor agreements accompany the financing; those items will be determined in the bond issuance process and related EDA documents.
Next steps as recorded in the minutes: the council completed the public hearing and adopted the resolution authorizing the EDA to proceed; any administrative or closing steps, final bond documents, or subsequent council or EDA actions are not specified in the minutes.
