HomeMy WebLinkAbout84-177 - ADMIN Resolution - City Council - 1984/10/15r-1
A
RESOLUTION NO. 84-177
A RESOLUTION GIVING PRELIMINARY APPROVAL
TO A MULTI -FAMILY RENTAL HOUSING PROJECT UNDER
MINNESOTA STATUTES, CHAPTER 462C
WHEREAS, pursuant to the Minnesota Municipal Housing Act, Minnesota
Statutes, Chapter 462C (the "Act"), a City is authorized to adopt a housinTg plan
and carry out programs for the financing of multi -family housing for persons of low
and moderate income; and
WHEREAS, the Act requires adoption of the housing plan after a public hearing
held thereon after publication of notice in a newspaper of general circulation in
the City at least thirty days in advance of the hearing; and
WHEREAS, the City of St. Louis Park (the "City") published notice of a public
hearing on a proposed housng plan (the "Housing Plan") on August 1, 1979; and
WHEREAS, the City conducted a public hearing on the Housing Plan on September
4, 1974; and
WHEREAS, the City adopted the Housing Plan on October 2, 1979; and
WHEREAS, Boisclair Corporation, a Minnesota Corporation, (the "Developer')
has requested that the City give preliminary approval for the issuance of revenue
bonds of the City pursuant to authority conferred by the Act in an amount presently
estimated not to exceed $12,500,000 to finance the acquisition of land and construction
of up to a 250 -unit rental housing development (the "Project") to be built at a
development cost presently estimated not to exceed $12,500,000; and
WHEREAS, the Act requires adoption of a program after a public hearing held
thereon after publication of notice in a newspaper of general circulation in the City
at least fifteen days in advance of the hearing; and
WHEREAS, the City adopted a Housing Program (the "Program") for Multi-
family housing revenue bonds as a part of the Housing Plan Amendment on March
15, 1982; and
WHEREAS, the City on this date has adopted an amendment to the Housing
Plan to include the Project; and
WHEREAS, the City published notice of a public hearing on the Project on
September 24, 1984; and
WHEREAS, the City of St. Louis Park (the "City") has on this date conducted
a public hearing on amendment to the Program for the Project, after publication of
notice as required by the Act; and
WHEREAS, the Act further permits submission of the Program to the
Metropolitan Council for its review and comment, and requires submission of the
Program to the Minnesota Housing Finance Agency (the "MHFA") for its approval, 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
St. Louis Park, Minnesota:
by the City Council of the City of
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 approval of the Amended Program by MHFA, 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 provision 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 pledge the full
faith and credit of the City to the payment thereof.
2. That the City Manager is hereby authorized to submit the Program
Amendment to the Metropolitan Council and to the MHFA, and to do all other things
and take all other actions as may be necessary or appropriate to carry out the
Program as amended in accordance with the Act and any other applicable laws and
regulations.
3. 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 15, 1984
ATTEST:
Reviewed for administration:
illl,�Nty Manager
1
Approved as to form and legality:
IIAXTATAU. M -
MAYor
City Attorney