HomeMy WebLinkAbout7090 - ADMIN Resolution - City Council - 1982/03/15./. a1
RESOLUTION NO.
7090
GIVING PRELIMINARY APPROVAL TO A MUL'I•I-
FAMILY REN'T'AL 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
WIIEREAS, 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, Otten Construction Company (the "Developer") has requested
financing for a proposed project to consist of approximately 72 rental apartment units
to be rented to families and individuals (the "Project") to be constructed in the Lou
ParkSubdivision at a development cost estimated not to exceed $3,100,000; and
WHEREAS, the Project 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 fintil 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 [my/merit. 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 propel ty of the City except the Project
and each bond, when, as, and if issued, shall recite in substance tint the bond,
including interest thereon, is payable solely from the revcriueN 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 iind .hall not be c•onstr tied ns n waiver of
any Toning, density, land- use, or similar i .i r i� liuiis which may be applicable to
the Project.
4. That the public hearing of March 15, 1982, is hereby continued
until April 19, 1982, to allow receipt of comment, if any,
from the Metropolitan Council.
Adopted by the City Council March 15, 1982
ATT'ES'T':
/ /
:rty Clerk
Reviewed for administration:
Appro ed as to
form and legality:
City Attorney
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