HomeMy WebLinkAbout86-160 - ADMIN Resolution - City Council - 1986/10/06L
RESOLUTION NO. 86-160
RESOLUTION FOR A PROGRAM AMENDMENT OF THE
HOUSING PLAN AND PROGRAM OF THE CITY OF
ST. LOUIS PARK AND GIVING PRELIMINARY
APPROVAL TO A MULTIFAMILY 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 to the City has before it on this date a program
amendment to said Housing Plan to include an additional proposed multifamily
rental housing program (the "Program"); 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 a qualified multifamily rental housing-projectrand
WHEREAS, Community Housing and Services Corporation (the "Developer")
has requested financing for a proposed project to consist of 153 rental apartment
units to be rented to families and individuals (the "Project") to be constructed at
3630 Decatur Avenue South at a development cost estimated not to exceed
$13,500,000; 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; and
WHEREAS, the Council has conducted a public hearing on the Program on
this date, after publication of notice in a newspaper circulating generally in the
City at least 15 days before the hearing;
NOW THEREFORE BE IT RESOLVED:
1. The title "Housing Plan and Program 1979-1985" of the City's Housing
Plan and Program is hereby changed to "Housing Plan and Program 1979-1987".
2. That page 50 of the Housing Plan and Program of the City is hereby
revised by the addition of the Project and is hereby identified as "Page 50 as
revised and approved by the City Council on October 6, 1986."
3. 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 Program 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, Hen, 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.
4. Holmes & 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. Dougherty, Dawkins, Strand & Yost
Incorporated, 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.
5. It is understood and agreed that the Developer shall indemnify the
City against all liabilities, losses, damages, costs and expenses (including attorneys'
fees and expenses incurred by the City) arising with respect to the Project or
the Bonds, all as to be more fully provided for an agreed to by and between
the Developer and the City in a Bond Purchase Agreement and the Loan Agreement
to be entered into by such parties with respect to the Bonds.
6. The Developer will pay all expenses incurred by the City in
connection with the Bonds, including the fees and expenses of the attorney to
the City, all as more fully provided for and agreed to in the aforementioned
Bond Purchase Agreement and Loan Agreement.
Adopted by the City Council October 6, 1986.
ATTEST:
Reviewed for administration:
Uli"'
Mayor
Approved as to form and legality:
City Atto