HomeMy WebLinkAbout85-127.1 - ADMIN Resolution - City Council - 1985/09/03RESOLjT IOM NO. 85-127.1
A RESOLUTION GIVING PRELIMINARY APPROVAL TO A
MULTIFAMILY RENTAL HOUSING PROJECT (TAMARIND
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, Darrel A. Farr Development Corp. (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 $4,000,000 to finance the construction of a 102 -unit rental housing
development (the "Project") located at 2300 and 2350 Ridge Drive, St. Louis Park,
Minnesota, the owner of which is to be Tamarind Limited Partnership, a Minnesota
limited partnership to be formed by Darrel A. Farr Development; 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
August 19, 1985; and
WHEREAS, pursuant to the Act on or prior to the date of such publication, the
proposed amendment to the Program was submitted to the Metropolitan Council for
its review and comments; 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
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WHEREAS, the Act further 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 by the City Council of the City of St.
Louis Park, Minnesota:
1. The Project is hereby given preliminary approval by the City, the
Amended Program is hereby approved, and the issuance of bonds for the purpose of
financing the development cost of the Project is preliminarily 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 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. Dougherty, Dawkins, Strand do Yost is hereby designated as underwriter
of the bonds to be issued in connection with the Project, its free to be paid out of the
proceeds of the bonds when and if issued.
Adopted by the City Council September 3, 1985.
Mayor
ATT 'ST:
City Clerk
Reviewed for administration:
LIP, City Manager
Approved as to form and legality:
City Attorney