HomeMy WebLinkAbout85-97 - ADMIN Resolution - City Council - 1985/07/15RESOLUTION NO. 85-97
A RESOLUTION GIVING PRELIMINARY APPROVAL
TO A MULTIFAMILY RENTAL HOUSING PROJECT
(PARS 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, 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 acquisition
and rehabilitation of a 93 -unit rental housing development and the construction of
approximately 24 new rental units located at 2480 South Highway 100, St. Louis
Park, Minnesota (the "Project") to be undertaken by Park Ridge Associates, a
Minnesota limited partnership (the "Developer") on November 29, 1984; and
WHEREAS, the City of St. Louis Park (the "City") conducted a public
hearing on amendment to the Program for the Project, after publication of notice
as required by the Act; and
WHEREAS, by Resolution No. 84-210, adopted December 17, 1984, the City
gave preliminary approval to the issuance of revenue bonds to finance the Project;
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,
which submissions have been made; and
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WHEREAS, the Developer has advised this City Council that it intends to
proceed with the acquisition and rehabilitation of the 93 -unit housing development
(the "Rehabilitation Project"), but shall not undertake the construction of 24 new
rental units; and
WHEREAS, the Rehabilitation 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 Rehabilitation Project is hereby given preliminary approval by
the City and the issuance of bonds for the purpose of financing the cost of the
Rehabilitation Project approved, subject 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 notice of
the revision to the Project ,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 Rehabilitation Project,
its fee to be paid out of the proceeds of the bonds when and if issued.
ADOPTED by the City Council July 15 , 1985.
ATT ST:
V*J4 , a !L
City Clerk
Reviewed for administration:
Mayor
Approved as to form and legality:
City Manager City ttorney
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