HomeMy WebLinkAbout7091 - ADMIN Resolution - City Council - 1982/03/15RESOLU'T'ION NO. 7091
GIVING PRELIMINARY APPROVAL TO A MULTI-
FAMILY RENTAL HOUSING PROJECT UNDER
MINNESOTA ST'AT'UTES, CHAPTER 462C
WHEREAS, the City Council (the "Conned") 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 (lousing 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
WIIEREAS, 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 gmilifierl rnultifnmily rental housing projects; and
WHEREAS, Marshall -Dufour Development (the "1)eveloper") has requested
financing for a proposed project to consist of 88 rental apartment units to be rented
to families and individuals (the "Project") to be constructed on Belt Line Boulevard
west of Frnnee Avenue at a development eost estimated not to exceed $2,900,000; and
WHEREAS, the Project as proposed will provide housing within the City for
persons of low and moderate income, in furtherance of the ohjeetives of the Act And
the Housing flair of the City:
NOW, THEREFORE 13E 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 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 u 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 that ttie 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 condi tied as a waiver of
any zoning, density, land -use, or similar 1 c,trictions winch may be applicable to
tine Project.
2. A law firm selected by the developer with concurrence by the Council is
authorized as Bond CounsrI 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 Bet 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
ATT EST:
Q_c
ay Clerk
Reviewed for administration: Approved as to form and legality:
' -1� ,
Manager City At<t rney
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