HomeMy WebLinkAbout7093 - ADMIN Resolution - City Council - 1982/03/15r
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RESOLUTION NO. 7093
GIVING PRELIMINARY APPROVAL TO A MULTI-
FAMILY RENTAL HOUSING PROJECT UN1)Eit
MINN LSOTA S1'ATU'I'LS, CHAP'T'ER 462C
WIII:ItJ;AS, the City Council (the "Council") of the City of St. boar', I'nrk
(the "City") has, by Resolution No. 6386 dated October 2, 1979, adopted a (lousing
Plan for the City in accordance with the Municipal 11ousing 1 mance Act, Mirinesota
Statutes, Chapter 462(; (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 cothtruction of one
or more multifamily rental housing projects through the issuance of revenue bonds
of the City; and ,
W11EREAS, upon review of and comment upon said Housing Plun amendment
by the Metropolitan Council, and approval of the Program by the Minnesota
]lousing Finance Agency, the City attends to proceed to issue its revenue bonds to
finance qualified multifamily rental housing projects; and
WIIER 4S, Ron (;lark Construction, Inc. (the "Developer") has requested
financing for a proposed project to consist of 18 rental apartment units to be rented
to families and individuals (the "Project") to be constructed on the west side of
Hampshire Avenue approximately one block south of Highway 12 at a development cost
estimated not to exceed $700,000; 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 ilonsing Plnn of the City;
NOW, THEREFORE 1312 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 ponds us to the details of the
bond issue and provisions for their payment. In all everts, it is understood,
however, that the bonds of the City shall not constitute a charge, lien or
encumbrance, legal or equitable, upon any proper ty of the City except the Project
and each bond, wtien, as, and if issued, shall recite in substance that the bond,
including interest thereon, is payable solely from the revenues received from the
Pioject and property pledged to the payment thereof, and shall not constitute a
debt of the City.
The foregoing prclirninnry approval of the 1'toject 1'y the City is for
lippurposes of financing; putsunnt to the Art mid ,,hall not be c•unsti tied n'• n waiver of
tiny zoning,, cicn',rty, rand u,,e, I. )r ',iniilur it ,ri i,•tion, wine!' rainy lo' Hpplicichle 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
Mayor G
ATTEST:
Reviewed for administration: Approved as to form and legality:
cY_
Aty Manager
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