HomeMy WebLinkAbout7347 - ADMIN Resolution - City Council - 1983/03/07r
RESOLUTION NO.
7347
A RESOLUTION 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 3, 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 a program amendment
to said Housing Plan which includes a Program to finance the construction of one or more
multi -family 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 multi-
family rental housing projects; and
WHEREAS, Jyland Construction (the "Developer") has requested financing for a
proposed project to consist of 16 rental apartment units to be rented to families and
6 individuals (the "Project") to be constructed at Virginia and 28th Street at a development
cost estimated not to exceed $902,600; and
1
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 final adoption of the Housing Plan and approval of the Program by the Minnesota
Housing Finance Agency, and to mutual agreement of this Program by Minnesota Housing
Finance Agency, and to mutual agreement of this body, the Developer, and the initial
purchasers 6f 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. Best and Flanagan is authorized as Bond Counsel to assist in the preparation
and review of necessary documents relating to the Project and bonds issued in connection
therewith. Eberhardt Mortgage Company 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.
ATTEST:
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2Veg-'441-4P.11/
City C er
Reviewed for administration:
—,GAL
4 ty Manager
Adopted by the City Council March 7, 1983
Approved as to form and legality:
City At /rney
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