HomeMy WebLinkAbout84-210 - ADMIN Resolution - City Council - 1984/12/17RESOLUTION NO. 84-210
A RESOLUTION GIVING PRELIMINARY
TO A MULTI -FAMILY RENTAL HOUSING PROJECT
(PARK RIDGE 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 housing plan
and carry out programs for the financing of multifamily 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 housing plan (the "Housing Plan") on August 1, 1979
and
WHEREAS, the City conducted a public hearing on the Housing Plan on
September 4, 1979; and
WHEREAS, the City adopted the Housing Plan on October 2, 1979; and
WHEREAS, Park Ridge Associates, a Minnesota limited partnership (the
"Developer") has requested that the City give preliminary approval for the issuance
10 of revenue bonds of the City pursuant to authority conferred by the Act in an
amount presently estimated not to exceed $4,500,000 to finance the acquisition and
rehabilitation of a 93 -unit rental housing development and the construction of
approximately 24 new rental units (the "Project") located at 2480 South Highway
100, St. Louis Park, Minnesota; 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
Multifamily housing revenue bonds as a part of the Housing Plan Amendment on
March 15, 1982; and
WHEREAS, the City published notice of a public hearing on the Project on
November 29, 1984; and
WHEREAS, the (;':ty 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
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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 by the City Council of the City of St.
Louis Park, Minnesota:
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 Amended
Program 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 December 17, 1984
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TTE T: Mayor
City Clerk
Reviewed for administration:
Approved as to form and legality:
City Manager Cit Attorney