HomeMy WebLinkAbout7089 - ADMIN Resolution - City Council - 1982/03/15RESOLUTION NO. 7089
GIVING PRELIMINARY APPROVAL TO A MULTI-
FAMiLY REN'T'AL HOUSING PROJECT UNI)I.R
MINNESOTA Si'ATUTES, C;IIAPTER 462C
WHEREAS, the City Council (the "Council") of the City of St. Louis 1'ru•k
(the "City") has, by Resolution No. 6386 dated October 2, 1979, adopted a Housing
Plan for the City in accordance with the Municipal !lousing Finance Act, Minnesota
Statutes, Chapter 462C (the "Act"); and
WiHEREAS, the Council of the City has on this date adopted an amendment
to said }lousing Plain 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 (lousing Plan amendment
by the Metropolitan Council, and approval of the Program by the Minnesota
!lousing Finance Agency, the City intends to proceed to issue its revenue bonds to
finance qualified multifamily rental housing projects; and
WHEREAS, Park City Developers (the "Developer") has requested financing for
a proposed project to be known as Shannon Glen consisting of 96 manor homes to be
rented to families and individuals (the "Project") to be constructed in Oak Park Village
at a development cost estimated not to exceed $4,000,000; and
WIIEREAS, the Projent as proposed will provide housing within the City for
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 !lousing Plan and approval of the
Program by Minnesota }lousing Finance Agency, and to mutual agreement of this
body, the Developer, and the initial purchasers if the bonds us 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 nut constitute a charge, lien or
encumbrance, legal or equitable, upon any proper ty of the City except the Project
and each bond, where, a5, and if issued, shall recite in substance that the bored,
including interest thereon, is payable solely from the revenues r eceived from the
Project and property pledged to the payment thereof, and shall not constitute a
debt of the City.
The forcgorng preliminary approval of the Project by the (:ity is for
purposes of financing pursuant to the Art tool ,(trill not i,e cun,lruc.I as a waiver of
any zoning;, density, bine!-ii c, or similar r ,tr rc boils which may be applicable to
the Project.
2. A law firm selected by the developer with concurrence by the Council is
authorized as Bond Counsel and to assist in the preparation and review of necessary
documents relating to the Project and bonds issued in connection therewith. An
underwriter selected by the developer" with concurrence by the Council is authorized
to act 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:
62-2.
i.
i6zji2(L.todeterz.)
ay Clerk
Reviewed for administration: Approved as to form and legality:
City Att9'ney
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