HomeMy WebLinkAbout7355 - ADMIN Resolution - City Council - 1983/03/21.11fr
RESOLUTION NO. 7355
A RESOLUTION REPEALING RESOLUTION NO. 7346 AND 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, Duraps Corporation (the "Developer") has requested financing for a
proposed project to consist of 99 rental apartment units to be rented to families and
individuals (the "Project") to be constructed in Shelard Park at a development cost
estimated not to exceed $5,818,738; 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 delrelopment 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 of 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. Briggs & Morgan 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. Miller and Schroeder Municipals, Inc. and L.F. Rothschild, Unterberg, Towbin
are 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.
3. Resolution No. 7346 is hereby repealed.
ATTEST:
CLAI iE
City Clerk
Reviewed for administration:
Adopted by the City Council March 21, 1983
W 4,t,.
Approved as to form and legality: