HomeMy WebLinkAbout84-113 - ADMIN Resolution - City Council - 1984/07/16JULY 169 1984
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RESOLUTION NO.
M' RESOLUTION RELATING TO THE ISSUANCE OF REVENUE BONDS PURSUANT
TO CHAPTER 462C, MINNESOTA STATUTES; ORDERING A PUBLIC HEARING
RELATING TO A PROPOSED PROGRAM FOR A LOAN TO FINANCE A MULTI-
FAMILY HOUSING DEVELOPMENT AND AUTHORIZING PUBLICATION OF A
NOTICE OF PUBLIC HEARING
BE IT RESOLVED by the City Council (this Council) of the City of
St. Louis Park, Minnesota (the City), as follows:
Section 1. Recitals.
1.01. The City is authorized by the Municipal Housing Programs
Act, Minnesota Statutes, Chapter 462C, as amended (the Act), to issue
and sell revenue bonds or obligations in order to make or purchase
loans to finance one or more multifamily housing developments within
its boundaries, which -revenue bonds or obligations shall be payable
fully from the revenues of the developments.
1.02. Gary S. Holmes and Leonard Gasparre, or a partnership in
which they will be the general partners (the Developer), proposes to
acquire approximately 6.052 acres of land located at 9935 Betty
Crocker Drive in the City, to construct thereon approximately 182
partment units and other functionally related and subordinate
acilities, and to operate the facilities as a multifamily housing
development under the Act. The Developer has requested that the City
issue its revenue bonds or obligations (the Revenue Bonds) under the
Act and make a loan of the proceeds of the sale of the Revenue Bonds
to the Developer in order to finance the acquisition of the land and
the construction of the facilities. The approximate maximum aggregate
face amount of the Revenue Bonds proposed to be issued and sold under
the Developer's proposal would be $7,300,000.
1.03. The City has caused the preparation of a proposed program
under the Act relating to the proposal of the Developer (the Program).
A copy of the Program has been placed on file with, and is available
for public inspection at, the office of the City Clerk.
1.04. The Act provides that a public hearing on the Program is
to be held prior to its adoption, after notice of the public hearing
is published at least fifteen (15) days prior to the date set for the
public hearing.
1.05. The Revenue Bonds of the City would be "industrial develop-
ment bonds" within the meaning of Section 103 of the Internal Revenue
Code of 1954, as amended (the Code). Section 103(k) of the Code, and
the regulations promulgated and proposed thereunder, require that the
City hold a public hearing relating to the proposed issuance of the
Revenue Bonds prior to approving their issuance, which hearing is to
be held after notice of the hearing is published at least fourteen
(14) days prior to the date for the hearing.
Section 2. Public Hearing.
2.01. A public hearing on the Program, including the proposed
issuance of the Revenue Bonds, is hereby called and shall be held on
August 6, 1984, at 7:30 o'clock p.m. at the City Hall.
2.02. The City Clerk is hereby directed to cause notice of the
public hearing to be published in a newspaper of general circulation
in the City at least once not less than fifteen (15) days prior to the date
fixed for the public hearing, in substantially the form of the notice attached
hereto.
2.03. A copy of the proposed Program shall be placed on file
with the City Clerk and be available for public inspection following
publication of the notice of public hearing, between the hours of
8:00 a.m. and 4:30 p.m. on Monday through Friday.
Adopted by the City Council of the City of St. Louis Park,
Minnesota, this 16thday of July, 1984.
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