HomeMy WebLinkAbout7087 - ADMIN Resolution - City Council - 1982/03/15RESOLUTION NO. 7087
GIVING PRELIMINARY APPROVAL TO A MULTI-
FAMILY RENTAL HOUSING PROJECT UNDER
MINNESOTA STATUTES, CHAPTER 462C
WHEREAS, the City Council (the "Council") of the City of St. Louis Park
(the "City") has, by Resolution No. 6386 dated October 2, 1979, adopted a Housing
Plan for the City in accordance with the Municipal Housing Finance Act, Minnesota
Statutes, Chapter 462C (the "Act"); and
WHEREAS, the Council of the City has on this date adopted an amendment
to said Housing Plan which includes a Program to finance the construction of one
or more multifamily rental housing projects through the issuance of revenue bonds
of the City; and
WHEREAS, upon review of and comment upon said Housing Plan amendment
by the Metropolitan Council, and approval of the Program by the Minnesota
Housing Finance Agency, the City intends to proceed to issue its revenue bonds to
finance qualified multifamily rental housing projects; and
WHEREAS, Darrel A. Farr Development Corp. (the "Developer") has re-
quested financing for a proposed project to be known as the Wolfe Lake
Apartments consisting of 250 rental apartment units to be rented to elderly
families and individuals (the ."Project") to be constructed within the Excelsior
Boulevard Redevelopment Project Area at a development cost presently estimated
not to exceed $13,700,000; and
WHEREAS, the Project as proposed will provide housing within the City for
elderly persons of low and moderate income, in furtherance of the objectives of the
Act and the Housing Plan of the City;
NOW, THEREFORE BE IT RESOLVED:
1. The Project is hereby given preliminary approval by the City and the
issuance of bonds for the purpose of financing the development cost of the Project
approved, subject to final adoption of the Housing Plan and approval of the
Program by Minnesota Housing Finance Agency, and to mutual agreement of this
body, the. Developer, and the initial purchasers if the bonds as to the details of the
bond issue and provisions for their payment. In all events, it is understood,
however, that the bonds of the City shall not constitute a charge, lien or
encumbrance, legal or equitable, upon any property of the City except the Project
and each bond, when, as, and if issued, shall recite in substance that the bond,
including interest thereon, is payable solely from the revenues received from the
Project and property pledged to the payment thereof, and shall not constitute a
debt of the City.
The foregoing preliminary approval of the Project by the City is for
purposes of financing pursuant to the Act and shall not be construed as a waiver of
any zoning, density, land -use, or similar restrictions which may be applicable to
the Project.
2. The law firm of Holmes & Graven, Chartered is authorized to act as
Bond Counsel and to assist in the preparation and review of necessary documents
relating to the Project and bonds issued in connection therewith. Miller &
Schroeder Municipals, Inc. is hereby designated as underwriter of the bonds to be
issued in connection with the Project, its fee to be paid out of the proceeds of the
bonds when and if issued.
Adopted by the City Council March 15, 1982
ATTEST:
'2/2
Vii../✓.�
Reviewed for administration: Approved as to form and legality:
-2