HomeMy WebLinkAbout85-127.2 - ADMIN Resolution - City Council - 1985/09/03RESOLUTION NO. 85-127.2
I
A RESOLUTION GIVING PRELIMINARY APPROVAL
TO A MULTI -FAMILY 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 October 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 this date adopted a program amendment
to said Housing Plan which includes a Program to finance the construction of one or more
multi -family rental housing projects through the issuance of revenue bonds of the City; and
WHEREAS, upon review of and comment upon said Housing Plan amendment by the
Metropolitan Council, and approval of the Program by the Minnesota Housing Finance
Agency, the City intends to proceed to issue its revenue bonds to finance qualified multi-
family rental housing projects; and
WHEREAS, The Bor-Son Companies and E.J. Plesko and Associates, Inc., a Joint
Venture (the "Developer') have requested financing for a proposed project to consist of
208 rental apartment units to be rented to families and individuals (the "Project") to be
constructed at 3601 Park Center Boulevard at a development cost estimated not to exceed
$19,000,000; 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;
NOW THEREFORE BE IT RESOLVED:
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 is hereby
preliminarily 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 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.
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.
2. A law firm selected by the Developer with concurrence by the Council is
authorized as Bond Counsel and to assist in the preparation and review of necessary
documents relating to the Project and bonds issued in connection therewith. An underwriter
selected by the Developer with concurrence by the Council is authorized to act 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.
ATTEST:
Reviewed for administration:
101-4N, - " - �-- � I , "
L LV
TA
W"ity Manager
Adopted by the City Council September 3, 1985
, Z' , "- �) "
Ma r
Approved as to form and legality:
Q
City torney