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HomeMy WebLinkAbout85-127.8 - ADMIN Resolution - City Council - 1985/09/03RESOLUTION NO. 85-127.8 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, Town Ridge Building, a Minnesota partnership, (the "Developer") has requested financing for a proposed project to consist of 168 rental apartment units to be rented to families and individuals (the "Project") to be constructed on City owned property at 1630 France Avenue South at a development cost estimated not to exceed $9,285,000; 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 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 Program by 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. Holmes and Graven Chartered is authorized as Bond Counsel to assist in the preparation and review of necessary documents relating to the Project and bonds issued in connection therewith. Miller and 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. ATTEST: Revi Adopted by the City Council September 3, 1985 '4Z � 4,1,-/ ryor Approved as to form and legality: ager =% t. .