HomeMy WebLinkAbout7488 - ADMIN Resolution - City Council - 1983/10/17r
RESOLUTION NO, 7488
GIVING PRELIMINARY APPROVAL TO A
MULTIFAMILY 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 Octoaber 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 March 15, 1982, adopted a
Program 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, Parkwoods Housing Limited Partnership, a Minnesota limited
partnership (the "Developer"), has requested financing for a proposed project to
consist of up to 100 rental manor homes or townhouses to be rented to families and
individuals (the "Project") to be constructed in Oak Park Village at a development
cost estimated not to exceed $4,500,000; 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; and
WHEREAS, there was published on September28 , 1983, in the St. Louis Park
Sun a notice of public hearing on the proposed Project, which public hearing was
held before the Council on the date hereof, and at which public hearing all persons
interested were afforded an Opportunity to be heard;
NOW, THEREFORE, BE IT RESOLVED:
1. The establishment of the date of, and publication of the notice of
public hearing referred to above by the staff of the City is hereby in all respects
ratified and affirmed by the Council.
2. The Project is hereby given preliminary approval by the City and the
issuance of bonds for the purpose of financing the development costs 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.
-1-
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.
3. Holmes & Graven, Chartered, 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 & Schroeder Municipals, Inc. 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.
Adopted by the City Council October 17, 1983.
ATTEST:
(A.6mo cvs6,frtl,
Reviewed for administration:
?f-Amll
0 /
Mayor
Approved as to form and legality:
City Man:"er City ttorney
-2-