HomeMy WebLinkAboutApplication for Montana's Unified Volume Cap Bonk Allocation-Arcadia Gardens Apartments DEPARTMENT O ADMINISTRATION
DIRECTOR'S OF'F'ICE
MARC RACICOT,GOVERNOR
MITCHELL BUILDING
STATE OF MON T ,
9 Iyi wl.ga
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:444-2 444-28181
FAX 2
PO BOX 200 101
.d PAX: '2 E-PEL.E•N'A,MONTANA 59620-0101
November 16, 1995
James Wysocki, City Manager
City of Bozeman
PO Boat 640
Bozeman, MT 59771-0640
Re: City ofBozeman's application for Montana's unified volume cap bond allocation
Project - Arcadia Gardens .Apartments
Dear James:
Attached is the City ofBozeman's approved application for $8,500,000 of Montana's unified
volume cap bond allocation for 1995.
If you have any questions, please contact me at 444-3330, Thank.you.
Sincerely,
Katherine M. Willis
Accountant
Attachment
'AN EOUA L 0PP0PTUd1 i V EMPt0YER"
MONTANA'S UNIFIED VOLUME CAP BOND ALLOCATION
J1PI'1.ICATiON A M RESPONSE
For an allocation of state's bond volume cap capacity pursuant to Section 17-5-1301 to 13 3,MCA,please
complete and send to:
Director's Office
Department of Administration
11,'oonn 155, Mitchell.Building
Capitol Station
Helena,MT 59620
Name of city, town, county, consolidated government,state agency or student loan agency (the
"Issuer"); and the name and phone number of contact pmon-
CLtZ of Bozeman, ,James Wysocki, City Manager, 411 East
Main, Bozeman, Montana 59715 (406) 586-3321
We hereby apply for an allocation of bonding authority per Section 17-S 4301 to 1323,MCA. As required
under srature, the following Information is submitted:
Please complete or attach the following:
L. Proposed project name, description, and location. A cad-ia .Gardens
rtments: mails ' it residential a artment buildin 160
units and related facilities; Dots 1, 2 & 3. in Block 14 of
Anne Subdivision in the City of Bozeman, Montana., located
at the northwest corner of Durston Street and 22nd Street.
2. Name and mailing address and phone number of both project owner and operator_
Arcadia Gardens Apartments, L.D.C. , formerly doing business
as Dickman A artments, L.L.C. , Elden. Chang, 214 Steeplechase
Drive Irying, "Texas 75062 . (214 . 252-6568
3. A certified copy of the inducement resolution adopted by the 'Issuer, and the date of
adoption. ('The inducement resolution is a resolution of the Issuer approving the project and pmliminary
auThorizing the issuance of the bonds therefore.}
Attacivnent A
4. Bond coursers name, address,and phone number_
Dorsey & Whitney P.L.L.P. , Mae Ilan Ellingson, 127 East Front
Street, Suite 310, Missoula, Montana 59802
Phone Number: (406) 721-6025
S. A copy of bond counsel's preliminary opinion that the'proposed project qualifies under
stare law and the Tax Reform Act of 1986 and if the Cap Bonds are issued, that interest thereon will not
be included in gross income for purposes of federal income taxation. Attachment B
6. Evidence that public hearing requirements have been met. (A bond counsel's opinion to
chat effect or a certification by the Clerk of the jurisdiction that a public hearng on the project has been
duly noticed and held on the 21Stday of November 199 + .) Attachment C
7, Underwriret's name,address,and phone number
Newman & Associates, Inc. , James M. Hahn, Vice President,
1801 California Street, Suite 3700, Denver, Colorado 8()20'
Phone Number. (303) 2.93-•-8500
, 7 ,
S. A copy of a letter from an undectvdtcr,bank or other financial'institudo .stating that in
its:opinion the project is financially feasible, that the bonds could be successfully sold under current
market condttions. The letter shall also state that the underwriter, bank or financial institution has
reviewed all information it deems necessary to form this opinion, Attachment D
9. Amount ofallocationnrequesred.s -8 500 000
I hereby submit this application for an allocation to issue cap bonds as required by Secnon 17-5-1301 to
1323,MCA.
.dames Xy5ocki, M er
t or we name of Chief Fxecurive)
(Signature of Chief Fxecudve 011ac )
Date. .®
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EM QFFAnN_E_J1J OF ADNn TSTRAUON USE ONLY
$ , 5 0 0 x 0 0 0 of the state of Montana volume cap bond capaclty,is hereby allocated to the
foregoing political subdivision for the foregoing project.
This allocarion will empire 90 days from the dare below unless die bonds are issued
by that time, or evidence of a bond purchase agreement is submitted to the
Department of Administration at the address below, in which case this allocarion
will expire at the end of The 120 days from the date below, finless the carry
forward provisions of the Talc Reform.Act of 19$6 apply-
All allocations shall expire on December 31 of the year in which they were made,
however,this subsection does not limit the term of art allocation for which a valid
carry forward election has been made.
In the event the above allocation expires as provided,the political subdivision may resubmit its application''
for an allocation and the application of the political subdivision relating to the project or purpose will be
reviewed in chronological order of receipt with no preference or priority being given to the political
subdivision as a result of its prior application for the same project or purpose.
Allocarion Approved X Date of Approval,
Allocation Disapproved
Signature of Appr ving Official
Boas Menzies, Director
Name and Title of Approving Official
Room 155, Mitchell Building
Helena, MT 59620
Address
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